Supreme Court’s decision on demonitization

Supreme Court refused to stay the government’s notification demonetising Rs 500 and Rs 1,000 currency notes, on Tuesday. Instead it asked the government to spell out the steps taken to minimise public inconvenience.

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A bench comprising Chief Justice T S Thakur and D Y Chandrachud said -”We will not be granting any stay”. The bench has asked Attorney General Mukul Rohatgi to file an affidavit about the measures already undertaken by the government and the RBI to minimise public inconvenience and also the steps likely to be undertaken in future. The bench posted the matter for further hearing on November 25 without issuing any notice to the Centre or the RBI.

Attorney General (AG) Mukul Rohatgi, appeared for the Centre and outlined the idea behind demonetisation. He said that large number of fake currency has been used to finance terrorism in various parts of the country including in Jammu and Kashmir and northeastern states. He even agreed with the bench that some inconvenience to common citizens occurs as this kind of “surgical strike” is bound to have “some kind of collateral damage”.

Lets see what will be Supreme court’s decision on November 24′ 2016. Please share your views about demonitosation scheme below. 

 

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