Amaravati: The Supreme Court ruled that the decision taken by the Modi government in 2016 to cancel the large currency notes of Rs.500 and Rs.1.000 is valid. So far 58 petitions have been filed challenging the Modi government’s decision to demonetize large currency notes in 2016. On Monday, a five-judge Supreme Court headed by Justice BR Gavai conducted an inquiry and pronounced the judgment of the Supreme Court.
Justice Gavai’s verdict is as follows..The demonetization decision taken by the government is valid…This decision cannot be reversed.. The court found that the government took this decision only after consultation between RBI and central government… The court opined that there was no mistake in the process of demonetization and that the government can take a decision after taking the RBI’s opinion. The court dismissed 58 petitions filed against demonetization. The RBI notification cannot be revoked. There was a difference of opinion in the Supreme Court regarding this verdict. Commenting on this decision, Justice B.V. Nagaratna opined that demonetization should have been done by law and not by gazette notification. The Supreme Bench consisted of Justice Gavai, Justice BV Nagaratna, Justice SA Nazir, Justice AS Bopanna, and Justice V. Ramasubramanian. During demonetization in 2016, severe criticism was expressed against the government..The opposition criticized this decision..