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LATEST NEWS UPDATES | Demonetisation: Not bad in law, says Supreme Court in 4:1 verdict

Demonetisation: Not bad in law, says Supreme Court in 4:1 verdict

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published Published on Jan 3, 2023   modified Modified on Jan 4, 2023

-PTI/ The Hindu

Justice Nagarathna dissents from majority judgment, says DeMo of high-value currency notes was ‘vitiated and unlawful’

New Delhi: The Supreme Court on Monday upheld the legality of the Centre’s 2016 decision to ban Rs 1,000 and Rs 500 currency notes, saying the decision-making process was neither flawed nor hasty and that it was “not relevant” whether the stated objectives were achieved or not.

In a big win for the Narendra Modi government, a constitution bench by a 4:1 majority held that demonetisation is not bad in law merely because some citizens suffered hardships. The decision does not suffer from illegality as there was consultation between the RBI and the Centre for a period of six months before the notification under challenge was issued, it said.

The shock move to demonetise 86 per cent of the country’s cash in circulation overnight in a bid to tackle black money and corruption was announced by Prime Minister Narendra Modi in a televised address on November 8, 2016.

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PTI/ The Hindu, 3 January, 2023, https://www.telegraphindia.com/india/demonetisation-not-bad-in-law-says-supreme-court-in-41-verdict/cid/1907399


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