Mobilenews24x7 Bureau
Well, accepted what the apex court of the land has said upholding the 2016 demonetisation.
The sudden announcement was a big trigger for panic among the millions with Rs 500 and Rs 1000 currency notes. The news sent thousands and thousands to many ATMs as long queues never stopped for days.
A chaos that is still unforgettable six years back. Suddenly one found his whatever savings null and void, and overnight.
The common class of the society knew the impact of such mighty blow to the nation’s economy when about Rs.15, 44,000 crores turned unprotected within hours.
Several attempts to the actions’ alleged lawlessness has remained the core topic of debate for days and months.
Once accepted by the apex court the step became legitimate and now it is for mere academic debates.
The Reserve Bank of India Act, 1934 (RBI Act) vests the Central government with the power to declare any bank note as no longer being a legal tender by issuing a notification.
People had no option but to go for the exchange of the notes after November 8. 2016 within two days.
The mandate was so abrupt and almost out of the blue and which led to a nationwide commotion and the citizens thronged to the banks in humongous numbers for which many banks did not have the required preparedness.
Which resulted in many citizens suffering financial loss and personal pain. And more pained were the ones left with notes those could not be exchanged.
Data subsequently revealed that even the stated purpose of arresting black money laundering was not wholly realised since only 0.0028% of the total old currency notes said to be in circulation, seems to have been returned through the banking system. As a result, some of the harassed and aggrieved citizens challenged this decision before various courts of law in India.
Before the Supreme Court the task was to consider the validity of the step through roughly on a few questions.
Did the Reserve Bank of India at all had the power to pass a notification like the one on 8 November?
Did the decision violate the citizens’ Right to Property, Right to Equality and Right to Freedom?
Were the limits on cash withdrawal imposed due to demonetisation unlawful?
Was the implementation of demonetisation ‘unreasonable’ and thus, violative of the fundamental rights of the citizens?
