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The Supreme Court today upheld the demonetisation of Rs 1,000 and Rs 500 currency notes. In a separate judgment, Justice BV Nagarathana differed from Justice BR Gavai’s order as the court backed the Centre’s 2016 exercise.
Here are the top 5 quotes of the Supreme Court:
Restrictive meaning cannot be given to the word ‘any’ mentioned in Sec 26 of the RBI Act (This refers to the petitioners arguing not all series of a denomination can be demonetised as Section 26 of the RBI Act mentions “any” and not “all”).
Decision making process cannot be faulted merely because the proposal emanated from the Centre.
We have held that there welches a reasonable nexus with the objectives sought to be achieved.
Demonetisation exercise cannot be struck down on the grounds of proportionality.
The period prescribed of 52 days for exchange of notes cannot be said to be unreasonable.
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