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Relief For Union Government: SC Upholds Demonetisation Decision!
By: Tupaki Desk | 2 Jan 2023 7:10 AM GMT
The Union Government led by the Bharatiya Janata Party took a daring decision in 2016 to bring demonetisation into existence in the country. The big decision changed the status quo of the currency notes that are in use. The government said that canceling the old notes will help fight the black money.
However, there were many questions and doubts about the decision. The case hearing has been going on for a long time as the opposition parties and a few experts targeting the Union government. Putting an end to this, the top court in the nation, the Supreme Court, gave a key order.
In the new year, the Supreme Court gave a big relief to the Union Government on the 2016 Demonetisation by upholding the Center's call. The Apex Court also said that the decision cannot be struck down on the grounds of the decision-making process.
Hearing a bunch of petitions, the Supreme Court supported the decision taken by the Union Government. Talking about Demonetisation, the bench of the Supreme Court which heard the bunch of petitions said that as per Section 26(2) of the Reserve Bank of India(RBI) Act the Union government holds the power to cancel all the banknote series.
In the verdict, the bench said that there is no need of searching for mistakes in this now. This verdict is a big relief for the Union Government. Putting an end to the suspense the issue ended in favour of the Union government and upheld the decision.
The five-judge bench heard a bunch of petitions and upheld the demonetisation idea with the 4:1 decision. While four Justices supported it, one justice made some key comments. Justice BV Nagarathna made some critical comments on the decision and dubbed it unlawful. She also said that RBI was not independent in the process.
Demonetisation is a controversial decision taken by the Union Government. Without any prior intimation, the old ₹ 1,000 and ₹ 500 currency notes were banned overnight. With just a decision as many as 10 lakh crores of old currency became invalid. Common people faced a lot of issues due to the unavailability of cash.
However, there were many questions and doubts about the decision. The case hearing has been going on for a long time as the opposition parties and a few experts targeting the Union government. Putting an end to this, the top court in the nation, the Supreme Court, gave a key order.
In the new year, the Supreme Court gave a big relief to the Union Government on the 2016 Demonetisation by upholding the Center's call. The Apex Court also said that the decision cannot be struck down on the grounds of the decision-making process.
Hearing a bunch of petitions, the Supreme Court supported the decision taken by the Union Government. Talking about Demonetisation, the bench of the Supreme Court which heard the bunch of petitions said that as per Section 26(2) of the Reserve Bank of India(RBI) Act the Union government holds the power to cancel all the banknote series.
In the verdict, the bench said that there is no need of searching for mistakes in this now. This verdict is a big relief for the Union Government. Putting an end to the suspense the issue ended in favour of the Union government and upheld the decision.
The five-judge bench heard a bunch of petitions and upheld the demonetisation idea with the 4:1 decision. While four Justices supported it, one justice made some key comments. Justice BV Nagarathna made some critical comments on the decision and dubbed it unlawful. She also said that RBI was not independent in the process.
Demonetisation is a controversial decision taken by the Union Government. Without any prior intimation, the old ₹ 1,000 and ₹ 500 currency notes were banned overnight. With just a decision as many as 10 lakh crores of old currency became invalid. Common people faced a lot of issues due to the unavailability of cash.
