Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
LATEST NEWS UPDATES | Demonetisation - Strictly, The PM Didn't Go By The Law in India -Indira Jaising

Demonetisation - Strictly, The PM Didn't Go By The Law in India -Indira Jaising

Share this article Share this article
published Published on Nov 22, 2016   modified Modified on Nov 22, 2016
-CounterCurrents.org

While much has been written and said about the demonetisation move by the government, the question of its legality has received scant attention. The issue however is not the desirability or the economic viability of the decision and the undoubted public and national interest it serves. The goal of eliminating black money from circulation is undoubtedly in public interest. While I unambiguously support the policy of removing black—untaxed—money from the hands of those who have it, I question the legality of the manner in which it has been done.

To begin with, let us examine what is the status of the currency we hold in our hands. Section 26 of the Reserve bank of India Act 1934 (“RBI Act”) states as follows:

(1) Subject to the provisions of sub-section (2), every bank note shall be legal tender at any place in 4 [India] in payment or on account for the amount expressed therein, and shall be guaranteed by the 5 [Central Government].

This means that the money you and I hold in hand or in the bank is a debt guaranteed by the government to us. Currency thus represents a ‘public debt’ owed by the government to the holders of the bank notes, you and me.

The notification issued by the Central Government on 8 November 2016 has been purportedly issued under Section 26(2) of the RBI Act.

Please click here to read more.
 
 

CounterCurrents.org, 19 November, 2016, http://www.countercurrents.org/2016/11/19/demonetisation-strictly-the-pm-didnt-go-by-the-law/


Related Articles

 

Write Comments

Your email address will not be published. Required fields are marked *

*

Video Archives

Archives

share on Facebook
Twitter
RSS
Feedback
Read Later

Contact Form

Please enter security code
      Close