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Demonetisation: Big Supreme Court verdict on Centre’s note ban decision Coming soon: 10 facts


Opposition claims demonetisation is government failure (File)

New Delhi:
The Supreme Court is likely to deliver its verdict today on petitions challenging the Centre’s November 2016 decision to ban Rs 1,000 and Rs 500 notes. 10 lakh crore rupees were wiped from circulation overnight due to the move.

Here are the first 10 updates on this big story

  1. Fifty-eight petitions were filed in the Supreme Court challenging the note ban, arguing that it was not a considered decision by the government and should be struck down by the court.

  2. The government argued that a court could not decide an issue where no tangible relief could be provided. That would be like “turning back the clock” or “breaking a scrambled egg,” the center said.

  3. A five-judge constitution bench headed by Justice SA Nazeer heard arguments before the winter break and on December 7 quashed the verdict. The other members of the bench are Justices BR Gavai, BV Nagarathna, AS Bopanna and V Ramasubramanian. Justice BR Gavai and Justice BV Nagarathna authored two separate judgments, it was learnt.

  4. The Center said demonetisation was a “well-considered” decision and part of a larger strategy to combat the menace of counterfeit money, terror financing, black money and tax evasion.

  5. Former Union minister and senior advocate P Chidambaram alleged that the center has not explored alternative methods to control fake currency or black money.

  6. The government, he said, cannot initiate a legal tender proposal alone. This, he said, can only be done on the recommendation of the central board of the Reserve Bank of India (RBI).

  7. The Center has also withheld important documents about the decision-making process, including its November 7 letter to the Reserve Bank and the minutes of the bank’s central board meeting, Mr. Chidambaram alleged.

  8. When the bank’s board argued that judicial review could not apply to economic policy decisions, the court said the judiciary could not sit back and sit back just because it was an economic policy decision.

  9. The RBI acknowledged that there were “temporary difficulties” that were part of the nation-building process. The problems have been solved by mechanism, the message says.

  10. The opposition claims demonetisation is a government failure, destroying businesses and killing jobs. Congress leader Mallikarjun Kharge said, “Six years after the ‘masterstroke’, the public money available is 72 percent higher than in 2016. The Prime Minister (Narendra Modi) has yet to acknowledge this epic failure that brought the economy down. “

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