The Supreme Court bench of five members announced its verdict on the 2016 demonetization note ban decision of the Central Government, which was opposed by 58 petitioners.
According to sources, on the 2nd of January, Monday, the five judge bench led by Justice S.A. Nazeer delivered their verdict and dismissed all the 58 petitions filed against the demonetization announced in 2016, banning all Rs. 500 and Rs. 1,000 notes overnight.
The five member bench consisting of the Apex Court judges Justices B.R. Gavai, B.V. Nagarathna, A.S. Bopanna and V. Ramasubramanian has taken a decision in this regard before the winter break. In the last hearing into the matter on the 7th of December, the court reserved its order and adjourned the case for the 2nd of January.
The petitioners argued that the overnight demonetization resulted in a major economic crisis and troubled people of all classes. However, the Government of India filed a counter reply and said, the decision was taken after a thorough study and was well researched, to combat black money, tax evasion, terror financing and fake money. Furthermore, reacting to the demand of petitioners to strike down the demonetization orders, the Union Government said, the court could not grant relief into this matter and it is like, “putting the clock back” or “unscrambling a scrambled egg.”
On Monday, Justice S.A. Nazeer pronounced the judgement and said the bench decided to uphold the decision of demonetization taken by Prime Minister of India Mr. Narendra Modi. The bench also clarified that as per the submitted report, the Central Government planned the demonetization decision and consulted the Reserve Bank of India (RBI) for 6 months.
Justice B.R. Gavai said, “No flaws in the Decision making process, satisfies test of proportionality.” He further said, “Power available to centre can be exercised for all series of bank notes. Windows provided for exchange of notes were reasonable.”
With this, the Top Court dismissed all the 58 petitions filed to challenge the note ban decision, claiming it as the failure of the ruling government.
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