-India Today Attorney General of India R Venkataramani informed the Apex court that nothing was being hidden and the information, if asked by the court, would be provided. The Supreme Court on Monday inquired into the number of members present in the RBI’s Central Board meeting that decided to make the recommendation regarding the demonetisation of 500 and 1000 rupee Currency notes in 2016. A 5-judge Constitution Bench orally asked counsel for the...
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Hardships faced can’t be seen as shortfall of demonetisation: Centre to SC -Abraham Thomas
-Hindustan Times The petitioners had questioned whether the Government carried out any study linking demonetisation as an effective tool to achieve the objectives of curbing black money, terror financing or fake Currency. Hardships caused due to demonetisation cannot be the basis for faulting the Government’s 2016 notification to ban Currency notes of ₹500 and ₹1000, the Centre told the Supreme Court, adding that the cutoff date December 30 fixed by the Centre...
More »What Centre Told Supreme Court On Pleas Challenging Demonetisation
-PTI/ NDTV.com The Centre said judicial review of an economic policy may be restricted to where the court may only determine if there is a rational nexus with the object sought to be achieved through the means. New Delhi: Fake Currency, terror financing and black money are three evils and are like 'Jarasandha' (an antagonist in Mahabharat) and should be cut into pieces, the Centre told the Supreme Court on Monday while...
More »RBI recommended demonetisation: Central bank rules out ‘administrative impropriety’ on part of Govt
-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...
More »‘Did RBI inform govt of impact on circulation?’: SC asks govt on demonetisation -Abraham Thomas
-Hindustan Times Under the Reserve Bank of India (RBI) Act Section 26(2), a recommendation by the RBI’s Central Board precedes any decision to demonetise any series of Currency notes. The Supreme Court on Friday asked the central government if the Reserve Bank of India (RBI) had informed it that demonetisation will result in the withdrawal of over 86% Currency in circulation. Making a query to the Centre as part of its consideration of...
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