Supreme Court ruling on Live Updates of Monetization: SC upholds 2016 note ban, says ruling cannot be reversed

The Supreme Court said the Center had the power to demonetize all series of banknotes, adding that the November 8, 2016 decision could not be called unreasonable, nor affected by doctrine. about proportionality.

The Supreme Court upheld the Narendra Modi government’s 2016 monetization decision on Monday, saying there were no flaws in the decision-making process.

The Supreme Court said the Center had the power to demonetize all series of banknotes, adding that the November 8, 2016 decision could not be called unreasonable, nor affected by doctrine. about proportionality.

The High Court said that there had been full consultation between the Center and the Reserve Bank of India before deciding to ban the banknotes. However, Judge BV Nagarathna went against the majority opinion and issued a dissenting ruling.

On December 7, the bench reserved its ruling after hearing meticulous arguments from the government and petitioners arguing that the decision to ban banknotes was arbitrary, unconstitutional and contrary to the right terms and procedures prescribed by the Reserve Bank of India.

The center justified its decision to cancel monetization of ₹1000 and ₹500 bills, saying the decision was made to crack down on counterfeiting, black money and terrorist financing. The petitioners have claimed that the goals have nothing to do with banning paper money, as such an operation is carried out by countries facing hyperinflation or the need to phase out non-banknotes. use to be.