The Supreme Court on January 2 upheld the central government’s November 2016 decision to demonetize Rs 500 and Rs 1,000 notes. Supreme Court decision on demonetization Live Updates: The Supreme Court on January 2 upheld the central government’s November 2016 decision to demonetize Rs 500 and Rs 1000 notes. In 2016, the Center demonetized 86 per cent of the currency notes in circulation.
During the hearing in November-December, the apex court indicated that it cannot strike down demonetisation as ‘the clock cannot be turned back after six years’. Among the 36 petitions challenging the 2016 notification are those who were not able to deposit their money within the window period available till December 30. Justice Gavai, while delivering the judgment, said: ” In view of the diverse activities, the legislature may consider working out the details. We have emphasized on the primary role of the Reserve Bank of India to regulate the bank, which is known to be of vital importance to the country’s economic structure.”–Centre and Reserve Bank of India for a period of six months We hold that there was a proper nexus to bring such a measure, and we hold that demonetisation was not affected by the principle of proportionality, he said.
