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LATEST NEWS UPDATES | RBI recommended demonetisation: Central bank rules out ‘administrative impropriety’ on part of Govt

RBI recommended demonetisation: Central bank rules out ‘administrative impropriety’ on part of Govt

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published Published on Dec 5, 2022   modified Modified on Dec 6, 2022

-Moneycontrol.com

A five-judge Constitution Bench of the Supreme Court was hearing a batch of 58 petitions that challenged the Union Government’s decision to demonetise Rs 500 and Rs 1,000 currency notes six years ago.

Junking allegations of any procedural lapses by the Centre during the demonetisation in November 2016, the Reserve Bank of India told the Supreme Court on December 5 that the central bank itself had recommended the Government of India to demonetise high-value currency notes of Rs 500 and Rs 1,000.

Appearing on behalf of the RBI, Senior Advocate Jaideep Gupta said: “Insinuating procedural impropriety without having concrete evidence when allegations of procedural lapses were denied by both the central government and the Reserve Bank of India, was nothing but a 'fishing and roving enquiry.

He further stated that due procedure was followed during demonetisation, Live Law reported.

Gupta said: “The process was followed. For instance, we have stated on affidavit that the quorum as determined by the regulations was met.”

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Moneycontrol.com, 5 December, 2022, https://www.moneycontrol.com/news/india/rbi-recommended-demonetisation-central-bank-rules-out-administrative-impropriety-on-part-of-govt-9654471.html


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