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:
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”).
The decision making process cannot be faulted merely because the proposal emanated from the Centre.
We have held that there was 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 the exchange of notes cannot be said to be unreasonable.
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