New Delhi: Supreme Court has upheld the central government’s 2016 decision to demonetise currency notes of Rs 1,000 and Rs 500 denominations.
The verdict says that the power under Section 26(2) of the RBI Act can be used to demonetise whole series of bank notes and not any particular series.
A five-judge Constitution bench headed by Justice S A Nazeer, who will retire on January 4, pronounced its verdict on the matter.
The Supreme Court has heard a batch of 58 petitions challenging the demonetisation exercise announced by the Centre on 8 November, 2016.
The apex court held that the Centre’s notification dated 8 November, 2016 is valid and satisfies the test of proportionality.
Justice BR Gavai, while reading out the judgement, said demonetisation had a reasonable nexus with the objectives (eradicating black marketing, terror funding among others) sought to be achieved.
It is not relevant whether the objective was achieved or not, he added.
The bench also held that the prescribed period of 52 days for currency exchange cannot be said to be unreasonable.
This is a developing story. Refresh for more updates.
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