The Demonetization Ruling By The Supreme Court: In Its recent 4:1 Majority Verdict, The Supreme Court Of India Upheld the Central Government’s Decision(taken in 2016) To Demonetize Currency Notes Of Rs 500 and Rs 1,000 that were then in circulation.
This Topic Of Today’s The Hindu Editorial Covers GS Paper 2: Government Policies and Interventions for Development in various sectors and Issues arising out of their Design and Implementation
The EWS Judgement! | The Hindu Editorial Analysis for UPSC
With a 4:1 majority, a five-judge Constitution bench of the S.C. dismissed a batch of petitions challenging the decision saying that the demonetization decision, being the Executive’s economic policy, cannot be reversed.
Supreme Court says there was consultation between the Centre and the RBI before demonetisation. The Apex Court also held that demonetisation was not hit by the doctrine of proportionality. Key Points:
(Recent Editorial Analysis by our team at Adda247)
Justice BV Nagarathna is a Present Supreme Court Judge and was the sole judge to give a dissenting view on the Centre's note-scrapping exercise in 2016 out of 5 Judges Bench.
- On November 8, 2016, the PM of India announced that the Rs 500 And Rs 2000 notes would no more be legal tender, with immediate effect.
- In Reaction, the 58 petitioners accused that Section 26(2) of RBI Act, 1934, was not followed, as according to this act, only after the recommendation of the RBI's Central Board, the Central Government may, by notification in the Gazette of India, declare that any series of bank notes of any denomination shall cease to be legal tender.
- With a 4:1 majority, a five-judge Constitution bench of the S.C. dismissed a batch of petitions challenging the decision saying that the demonetization decision, being the Executive's economic policy, cannot be reversed.
- Supreme Court says there was consultation between the Centre and the RBI before demonetisation.
- The Apex Court also held that demonetisation was not hit by the doctrine of proportionality.
- Proportionality means that the administrative action should not be more drastic than it ought to be for obtaining the desired result.
- The Supreme Court's majority decision in demonetization case has brushed aside arguments based on proportionality, holding that demonetisation survives every test for proportionality
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