File Copyright Online - File mutual Divorce in Delhi - Online Legal Advice - Lawyers in India

Supreme Court verdict on demonetization

The Supreme Court's pleasant personality is always the series of landmark judgments that maintain this legacy. The Supreme Court's first judgment of 2023 is enough in a cold, chilling winter to spread calefaction. The petition was challenged to be questioned on the legality and validity of the grounds on which Modi's government made its November 2016 decision to demonetize the 500 and 1,000 rupee notes. After six years of long waiting, at long last, the constitution bench of the Supreme Court delivered the verdict. In a 4:1 ratio, the majority of the judges endorsed demonetization.

More than 50 petitions reached the top court within a few weeks, the three-judge bench comprising and headed by CJI referred to the constitution bench of the Supreme court and in the same line of verdict stay orders were issued for the high court to take any cognizance in these matters.

In the research paper of Dr. Ajit Bansal "Impact of Demonetisation" mentioned-

It is not the first time India has faced demonetization. In the year 1946, pre-independence, notes of rupees 1,000 and 10,000 were removed from circulation, but it did not have much impact. However, both notes were reintroduced in 1954. In the year 1978, Prime minister Moraji Desai banned 1,000, 5,000, and 10,000 sole motive was to curb the black market.

He also mentioned in his research that the 500 and 1,000 rupee notes accounted for 86% of the country's cash supply.

A previous union minister and senior advocate, P Chidambaram, contended that the center has not inspected substitute strategies to control fake cash and the black market. Justice B.R. Gavai delivered the majority judgment, bolstered by Justices S. Abdul Nazeer, A.S. Bopanna, and V. Ramasubramanian.

However, Justice B.V. Nagarathna found the demonetization work out, embraced on government's activity and buried on a simple notice within the official journal rather than entire legislation within the parliament, as unlawful and vitiated added by the record appears there was no important application of intellect by the central board of the RBI to the government's activity for demonetizing the bank notes. Justice B.R Gavai, talking majority said the court can work out constrained judicial review within the matter of economic approach

References
  • https://www.indiatoday.in/opinion-columns/story/constitution-bench-decided-legality-of-demonetisation-opinion-2319165-2023-01-09
  • https://www.rediff.com/news/interview/professor-arun-kumar-govt-knows-demonetisation-is-one-of-its-biggest-blunders/20230109.htm

Law Article in India

You May Like

Legal Question & Answers



Lawyers in India - Search By City

Copyright Filing
Online Copyright Registration


LawArticles

How To File For Mutual Divorce In Delhi

Titile

How To File For Mutual Divorce In Delhi Mutual Consent Divorce is the Simplest Way to Obtain a D...

Increased Age For Girls Marriage

Titile

It is hoped that the Prohibition of Child Marriage (Amendment) Bill, 2021, which intends to inc...

Facade of Social Media

Titile

One may very easily get absorbed in the lives of others as one scrolls through a Facebook news ...

Section 482 CrPc - Quashing Of FIR: Guid...

Titile

The Inherent power under Section 482 in The Code Of Criminal Procedure, 1973 (37th Chapter of t...

The Uniform Civil Code (UCC) in India: A...

Titile

The Uniform Civil Code (UCC) is a concept that proposes the unification of personal laws across...

Role Of Artificial Intelligence In Legal...

Titile

Artificial intelligence (AI) is revolutionizing various sectors of the economy, and the legal i...

Lawyers Registration
Lawyers Membership - Get Clients Online


File caveat In Supreme Court Instantly