The issue of demonetisation is still pending in the country and 58 petitions have been filed in the Supreme Court against this decision. In the case related to demonetisation, the Central Government has told the Supreme Court that demonetisation done six years ago in 2016 was a well-thought-out decision and it was a solution to problems like counterfeit notes, terror financing, black money and tax evasion. It was part of a larger strategy to deal with. Now the next hearing of this matter will be held on November 24 next week.
The Center on Wednesday defended its decision in the Supreme Court, saying that the decision to demonetise and demonetise Rs 500 and Rs 1,000 notes was taken after a thorough discussion with the Reserve Bank of India and its decision was taken before demonetisation. All the preparations had been done.
It was part of a larger strategy: Center
The Center has said this in an affidavit filed in response to the petitions challenging the decision of demonetisation.
In this, the central government said, “Demonetisation was part of a larger strategy and an effective measure to deal with the problems of counterfeit currency, terror financing, black money and tax evasion. But it was not limited to only this. This was one of the important steps in a series of transformative economic policy steps.”
The hearing on this matter is being done by a constitution bench of five judges and now the next hearing will be held on November 24.
The decision was taken on the recommendation of RBI: Center
In its affidavit filed in the Supreme Court, the Central Government said that the decision of demonetisation was taken on the special recommendation of the Central Board of Directors of the Reserve Bank of India and the RBI had also proposed a draft plan for its implementation.
The bench is hearing 58 such petitions challenging the Centre’s November 8, 2016 demonetisation decision.
Significantly, on December 16, 2016, a bench headed by the then Chief Justice TS Thakur had referred the legality of the decision of the central government and other related matters to a larger five-judge bench for an official decision.
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