Finance Minister Nirmala Sitharaman today welcomed the Supreme Court's verdict on demonetisation. In a big win for the Narendra Modi government, the Court today upheld the legality of the Centre's decision to ban the Rs 500 and Rs 1,000 currency notes.
Quoting the Supreme Court judgement, Nirmala Sitharaman tweeted, "There were consultations between the Centre and RBI for a period of 6 months. There is a reasonable nexus to bring such a measure & it satisfies the test of proportionality. Decision-making process cannot be faulted merely because the proposal emanated from the Centre."
The government had banned the two currencies overnight in a bid to tackle black money and corruption on November 8, 2016.
Hearing pleas challenging the constitutional validity of the government's move, a five-judge bench said that the court would not interfere with any opinion formed by the government if it is based on the relevant facts and circumstances or based on expert's advice.
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