This Article is From Jan 02, 2023

Highlights: Supreme Court Upholds Centre's Note Ban Move

A Constitution Bench of Justices S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna will pronounce the judgement as the court reopens.

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The Supreme Court reserved its judgments on the batch of 58 petitions on December 7.

New Delhi:

The Supreme Court today dismissed a batch of pleas challenging the Centre's 2016 decision on demonetisation and upheld the move.

"It is not relevant whether the objective was achieved or not," said Justice BR Gavai. 

Centre's decision-making process cannot be flawed as there was consultation between the Reserve bank of India and the government, he said. 

The Supreme Court had reserved its judgments on the batch of 58 petitions on December 7.

Here are the highlights on Supreme Court's verdict:

Jan 02, 2023 12:08 (IST)
Demonetisation Was Valid, Says Supreme Court, 1 Judge Disagrees: 10 Facts

The Supreme Court today backed Prime Minister Narendra Modi's 2016 notes ban in a landmark 4-1 majority judgment and said the decision could not be faulted just because the Centre initiated it.
Jan 02, 2023 11:37 (IST)
Notes Ban "Unlawful": Dissenting Judge In Supreme Court's 4:1 Verdict

Demonetisation action by Centre "unlawful", says Supreme Court judge Justice BV Nagarathna in dissenting order.

Justice Nagarathna, in her minority verdict, held that demonetisation of Rs 500 and Rs 1,000 currency notes was vitiated, unlawful.
Jan 02, 2023 11:32 (IST)
Notes Ban Upheld: 5 Big Points From Supreme Court Verdict

The Supreme Court today upheld the demonetisation of Rs 1,000 and Rs 500 currency notes. Justice BV Nagarathna dissented as the four other judges of the five-judge bench ruled in favour of the Centre's 2016 exercise.
Jan 02, 2023 11:26 (IST)
Note Ban Had To be Done Through Legislation, Not Notification: Justice Nagarathna

Justice BV Nagarathna of the Supreme Court says scrapping of Rs 500, Rs 1,000 series notes had to be done through legislation, not through notification.

Justice Nagarathna differed from the majority judgment on the point of the Centre's powers under section 26(2) of the RBI Act.

Parliament should have discussed law on demonetisation, process should not have been done through gazette notification, he said. 

The top court's judgment came on a batch of 58 petitions challenging the demonetisation exercise announced by the Centre on November 8, 2016.
Jan 02, 2023 11:21 (IST)
2016 Notes Ban Valid: Supreme Court's Big Order

The Supreme Court today backed Prime Minister Narendra Modi's 2016 notes ban and said the decision could not be faulted just because the centre initiated it.
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Jan 02, 2023 11:13 (IST)
Justice BV Nagarathna Dissents

Justice BV Nagarathna differed from Justice B R Gavai's judgment on point of Centre's powers under section 26(2) of RBI Act.

The process could not have been initiated by Centre, Justice Nagarathna said.

As per RBI Act, recommendation for demonetisation should originate from the board of the RBI but in this case, Centre wrote a letter to RBI on Nov 7 advising such a recommendation.

Justice Nagarathna also held that like previous instances, demonetisation could have been executed through an Act of Parliament and not by an executive notification.
Jan 02, 2023 11:02 (IST)
Demonetisaton upheld by Supreme Court
Demonetisaton upheld by Supreme Court
Jan 02, 2023 11:02 (IST)
Supreme Court Upholds Demonetisation Decision

Demonetisation exercise cannot be struck down on grounds of proportionality, said Justice BR Gavai.

"The period prescribed of 52 days for exchange of notes cannot be said to be unreasonable," he said. 
Jan 02, 2023 11:00 (IST)
There Was Consultation Between Centre And RBI For 6 Months

"Though nine questions were framed, we have reframed six questions,"
Justice BR Gavai said.

"Restrictive meaning cannot be given to the word 'any' mentioned in Sec 26 of the RBI Act. Centre is required to take action after consultation with the Central Board of RBI. There was a consultation between Centre and RBI for six months," he added.

Jan 02, 2023 10:57 (IST)
Watch Live: Big Supreme Court Verdict On Centre's Notes Ban Decision
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