NEW DELHI : The Supreme Court is most likely going to put forward its verdict on Monday on a batch of petitions that has questioned the government's decision of opting for demonetisation in 2016.
The SC has received 58 petitions against the decision of the Central government to demonetise Rs 1000 and Rs 500 currency notes. The demonetisation move was often called as note ban, and had came into effect on 8th of November, 2016.
There will be two separate judgements regarding the issue, pronounced by Justice BR Gavai and BV Nagarathna. On 7th of December, the Supreme Court had advised RBI and the Centre to dig out the significant records of government's demonetisation decision of 2016.
Senior advocate, Chidambaram stated that, the government has taken up the decision without any sort of firm discussion regarding this important matter with the Reserve Bank of India Central Board. He further argued that the Centre did not reveal important documents during the discussion and decision making process as well.
While the bank's counsel stated that judicial review is not applicable when it comes to economic policy conclusions, the court argued back that judiciary cannot sit back idly just because it is about making economic policy decision.
RBI stated that the centre should have thought about alternatives to eliminate the issue of fake or black money. A total of 58 petitions has been filed against the note ban, with the Supreme Court. There is the view that, the court cannot decide on a matter when substantial aids are not provided.
The arguments were heard by five-judge constitution bench which was headed by Justice SA Nazeer. Justice BR Gavai, BV Nagarathna, AS Bopanna and V Ramasubramaniun were the other judges in the bench. The Centre viewed demonetisation as a way to fight against black money, tax evasion, terror financing and so on.
In its submission RBI stated that the temporary hardships and issues were resolved by a mechanism. However, the opposition views demonetisation as a failure of the administration which destroyed several businesses and kept people unemployed.
Mallikarjun Kharge, the Congress Chief claimed that PM Narendra Modi should look upon this as a complete disaster which led to decline in economy.
Also Read : 3.2-Magnitude Earthquake Strikes Meghalaya
Also Watch :