SC reserves verdict in pleas difficult Demonetisation coverage 

Express News Service

NEW DELHI: The Supreme Court on Wednesday reserved a verdict in pleas difficult the Centre’s 2016 choice to demonetise Rs 500 and 1000 notes. 

A five-judge bench led by Justice S Abdul Nazeer additionally directed the central authorities and RBI to put earlier than it information pertaining to the choice in a sealed envelope for its perusal. 

The plea had additionally challenged the validity of the notification dated November 8, 2016, issued beneath the Reserve Bank of India Act, 1934 on the bottom that it violated Articles 14, 19, 21 and 300A of the Constitution of India. On December 16, 2016, a three-judge bench of the SC refused to grant interim reduction in opposition to the choice of demonetisation however had framed inquiries to be decided by a bigger bench. 

Appearing for the petitioners, Senior Advocate Shyam Divan in his rejoinder submissions had contended that demonetisation should have been carried out by the legislature and never by the chief. It was additionally his competition that the advice by the central board was a situation precedent.

Stressing on RBIs authority to advise the Union on issues of forex regulation, he added that the union’s demonetisation notification to which the RBI “meekly agreed” degraded RBI’s undisputed experience. “Statutory guarantee cannot be diminished in terms of executive action,” he additional added.

Laying emphasis on SC’s order of transferring all petitions earlier than the decrease courts to itself, he urged the courtroom to cross common order granting reduction to residents because it was tough for the residents to individually method SC. 

Senior Advocate and former Finance Minister P Chidambaram had stated the centre might act solely pursuant to the suggestions made by the RBI central board. 

“PM’s assurance said if you follow instructions, your money will remain yours. He has mentioned 50 days. Even if he had said that more time would be granted, no case was made out that promissory estoppel operates,” stated Senior Advocate Jaideep Gupta on behalf of the RBI.

The submissions had been additionally made by AG R Venkataramani for Central Government. Yesterday, Attorney General for India, R Venkataramani contended that the choice of demonetisation was taken to handle three evils associated to social coverage. 

NEW DELHI: The Supreme Court on Wednesday reserved a verdict in pleas difficult the Centre’s 2016 choice to demonetise Rs 500 and 1000 notes. 

A five-judge bench led by Justice S Abdul Nazeer additionally directed the central authorities and RBI to put earlier than it information pertaining to the choice in a sealed envelope for its perusal. 

The plea had additionally challenged the validity of the notification dated November 8, 2016, issued beneath the Reserve Bank of India Act, 1934 on the bottom that it violated Articles 14, 19, 21 and 300A of the Constitution of India. On December 16, 2016, a three-judge bench of the SC refused to grant interim reduction in opposition to the choice of demonetisation however had framed inquiries to be decided by a bigger bench. 

Appearing for the petitioners, Senior Advocate Shyam Divan in his rejoinder submissions had contended that demonetisation should have been carried out by the legislature and never by the chief. It was additionally his competition that the advice by the central board was a situation precedent.

Stressing on RBIs authority to advise the Union on issues of forex regulation, he added that the union’s demonetisation notification to which the RBI “meekly agreed” degraded RBI’s undisputed experience. “Statutory guarantee cannot be diminished in terms of executive action,” he additional added.

Laying emphasis on SC’s order of transferring all petitions earlier than the decrease courts to itself, he urged the courtroom to cross common order granting reduction to residents because it was tough for the residents to individually method SC. 

Senior Advocate and former Finance Minister P Chidambaram had stated the centre might act solely pursuant to the suggestions made by the RBI central board. 

“PM’s assurance said if you follow instructions, your money will remain yours. He has mentioned 50 days. Even if he had said that more time would be granted, no case was made out that promissory estoppel operates,” stated Senior Advocate Jaideep Gupta on behalf of the RBI.

The submissions had been additionally made by AG R Venkataramani for Central Government. Yesterday, Attorney General for India, R Venkataramani contended that the choice of demonetisation was taken to handle three evils associated to social coverage.