India’s Supreme Court on Monday upheld the legality of a 2016 government decision to cut 86 percent of the country’s cash flow. It said the decision was made in consultation with the central bank and followed appropriate procedures.
Five judges on the country’s highest court ruled by a majority in a series of petitions questioning the move. A fifth of the judges wrote a dissenting opinion.
“Announcement… dated November 8, 2016, no deficiencies were received. in the decision-making process,” said Judge BR Gavai, one of four judges who agreed with the verdict. said in a written opinion
Petitioners include lawyers, political parties, co-operative banks and general people.
Former Indian finance minister P Chidambaram was among the lawyers who argued against the banknote ban.
In November 2016, Prime Minister Narendra Modi personally led a shocking change to enact an 86% of cash in circulation law to target undeclared “black money” and combat corruption.
But such a movement This is widely known as income destruction. This has severely affected India’s cash-dependent economy. Hundreds of thousands of people lined up outside banks for days to exchange their savings for legal purchases.
even in chaos But large numbers of people backed the destruction after Modi framed the decision as a battle for the poor versus the corrupt rich.
Some petitioners argued that advice to ban or declare any banknotes invalid should come from the Reserve Bank of India. not from the government
India’s main opposition Congress Party said Monday’s Supreme Court ruling did not address the effects of the annihilation, which the party called “a devastating blow”. “Strange disastrous moves.”
“Most Supreme Court decisions deal with limited issues of the decision-making process. not the result of it,” party spokesman Jairam Ramesh said in a statement.
