What happened after demonetisation in the country? Know in 10 points the case till the threshold of the Supreme Court

Supreme Court Decision On Demonetisation: A hearing will be held in the Supreme Court on Monday (January 2) on the petitions alleging demonetisation done by the Modi government in 2016 as wrong. A 5-judge bench of the Supreme Court can give its verdict on 58 petitions challenging demonetisation. In such a situation, let us have a look at 10 facts related to the issue of demonetisation.

In 2016, the Modi government did demonetisation.
In 2016, the decision of demonetisation was taken on 8th November. Then the old notes of 1 thousand and 500 rupees were banned. Because of this step, 10 lakh crore rupees went out of circulation overnight. RBI had issued new notes of 500 rupees, as well as notes of 2 thousand rupees were also started for the first time. Due to the shortage of notes, people across the country had to stand in long queues at banks and ATMs. According to reports, many people lost their lives when the system deteriorated.

Supreme Court can give verdict on demonetisation

1. After demonetisation, 58 petitions were filed in the Supreme Court by various individuals or parties challenging the decision of demonetisation, arguing that it was not a well-thought-out decision of the government and deserves to be struck down by the court. Wanted. The petitioners have demanded the court to make rules so that such decisions cannot be repeated.
2. Today i.e. before January 2, the Supreme Court had on December 7 directed the Center and the Reserve Bank of India (RBI) to present the records related to the decision of demonetisation. A 5-judge constitution bench headed by Justice SA Nazeer heard the arguments in the Supreme Court before its winter break and adjourned the judgment on December 7.
3. The central government argued that the court cannot decide a matter unless concrete relief is given. The Center said it would be like “turning back the clock” or “opening a scrambled egg”.
4. The central government said demonetisation was a “thoughtful” decision and part of a larger strategy to tackle the menace of fake currency, terror funding, black money and tax evasion.
5. The Supreme Court bench which will pronounce judgment on the petitions today, includes Justice SA Nazeer and other members such as Justices BR Gavai, BV Nagaratna, AS Bopanna and V Ramasubramanian. It is being told in the media reports that Justice BR Gavai and Justice BV Nagaratna have written two separate judgments.
6. Former Union minister and senior advocate P Chidambaram has argued that the BJP government has not examined fake notes or alternative methods to control black money. He said that the government on its own cannot start any proposal on legal tender. “This can be done only on the recommendation of the central board of the Reserve Bank of India (RBI),” he said.
7. Chidambaram argued that the Center was withholding important documents related to the decision-making process, including the November 7 letter to the Reserve Bank and the minutes of the Reserve Bank of India’s (RBI) central board meeting.
8. When the counsel for the Reserve Bank of India (RBI) argued in the court that judicial review cannot apply to economic policy decisions, the court said that the judiciary cannot sit with folded hands as it is an economic policy decision.
9. The Reserve Bank of India accepted that there were some “temporary difficulties” which are part of the nation-building process. The bank said in its submission that those problems were diagnosed under a system.
10. The opposition alleges that demonetisation was a failure of the government, which destroyed businesses and lost jobs. Congress President Mallikarjun Kharge said, “After six years of what the BJP government was calling a ‘masterstroke’, the cash available with the public is 72% more than in 2016. PM (Narendra Modi) have not yet accepted this huge failure that led to the downfall of the economy.”

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