The Supreme Court has given its verdict today on petitions challenging the centre’s decision of November 2016 to ban ₹ 1,000 and ₹ 500 currency notes. ₹ 10 lakh crore was wiped out of circulation overnight because of the move.
The Supreme Court on Monday dismissed the pleas challenging the 2016 demonetisation, upholding the Centre’s decision to demonetise the currency notes of Rs 500 and Rs 1000 denominations by a majority verdict.
The majority of the Judges opined that it was the right decision of the BJP Government. Fifty-eight petitions were filed in the Supreme Court challenging the notes ban, arguing that it was not a considered decision of the government and should be struck down by the court.
We find that the three purposes are proper purposes and there was a reasonable nexus between the objects and the means to achieve the objects. Action cannot to be struck down on the basis of the doctrine of proportionality,” Justice Gavai said.
Justice BV Nagarathna in her dissenting view held that though demonetisation was well-intentioned and well thought of, it has to be declared unlawful on legal grounds and not on the basis of objects.
