The Supreme Court today upheld the legality of the demonetisation process.
New Delhi:
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.
Here are the top 5 quotes of the Supreme Court:
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A restrictive meaning cannot be given to the word “any” mentioned in Section 26 of the RBI Act (this refers to the petitioners arguing that not all series of a denomination can be demonetised as Section 26 of the RBI Act mentions “any” and not “all”).
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The decision making process cannot be faulted merely because the proposal emanated from the Centre.
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We have held that there was a reasonable nexus with the objectives sought to be achieved.
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Demonetisation exercise cannot be struck down on the grounds of proportionality.
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The period prescribed of 52 days for the exchange of notes cannot be said to be unreasonable.
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