Demonetisation verdict – SC rejects pleas difficult govt’s 2016 observe ban resolution: Key factors | India Information

NEW DELHI: A 5-judge Structure bench of the Supreme Courtroom on Monday upheld the validity of Centre’s November 2016 resolution to demonetise Rs 500 and Rs 1000 foreign money notes.
A five-judge structure bench headed by Justice S.A. Nazeer and comprising Justices B.R. Gavai, A.S. Bopanna, V. Ramasubramanian, and B.V. Nagarathna pronounced the judgment on a clutch of petitions difficult the Centre’s 2016 resolution to demonetise foreign money notes of Rs 1,000 and Rs 500 denominations.
Saying the bulk judgment, Justice Gavai mentioned that the decision-making course of can’t be faulted merely as a result of the proposal emanated from the Central authorities.

Listed below are the important thing factors of the judgment:

• A five-judge Structure bench of the apex courtroom, headed by Justice S A Nazeer, mentioned the Centre’s decision-making course of couldn’t have been flawed as there was session between the Reserve Financial institution of India (RBI) and the Union authorities for a interval of six months.
• The courtroom mentioned the notification dated November 8, 2016, which introduced the choice to scrap the high-value foreign money notes, can’t be mentioned to be unreasonable and struck down on the bottom of decision-making course of.
• The apex courtroom mentioned it’s not related whether or not the target behind the choice was achieved or not.
• “The notification dated November 8, 2016 legitimate, satisfies check of proportionality,” the bench, additionally comprising justices B R Gavai, A S Bopanna, V Ramasubramanian and B V Nagarathna, mentioned.
• Justice Nagarathna differed from the bulk judgment on the purpose of the Centre’s powers below part 26(2) of the RBI Act.