New Delhi: The Supreme Court on Monday affirmed the centre’s 2016 decision of demonetisation of ₹500 and ₹1000 currency notes, stating that there was no flaw in the decision-making process.
A five-judge constitution bench dismissed a batch of petitions challenging the demonetisation of currency notes back in 2016.
The court as quoted by ANI noted that the decision, being the Executive’s economic policy, cannot be reserved.
The apex court said that “There was consultation between the Centre and the RBI on before demonetisation. There was a reasonable nexus to bring such a measure, and we hold that the doctrine of proportionality did not hit demonetisation.”
The Supreme Court further observed that the RBI does not have any independent power to bring in demonetisation and the decision was taken after the consultation between the Centre and RBI.
The apex court added that there was a reasonable nexus to bring such a measure, and the court held that demonetisation was not hit by doctrine of proportionality.
(With Agency Inputs)
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