Demonetisation SC Verdict: Soon after the Supreme Court upheld the demonetisation order by a 4:1 majority with one judge expressing her dissent, the Congress today hit out at the Narendra Modi government saying that the dissenting order is a welcome slap on the wrist of the Centre. The Congress also said it’s wrong to say that the SC upheld the note ban order as the verdict does not deal with the outcomes of the currency ban move.
“Once the Hon’ble Supreme Court has declared the law, we are obliged to accept it. However, it is necessary to point out that the majority has not upheld the wisdom of the decision; nor has the majority concluded that the stated objectives were achieved. In fact, the majority has steered clear of the question whether the objectives were achieved at all,” said Rajya Sabha MP P Chidambaram.
Read More: IDFC Bank Shares Rise 85% in First Six Months; Know What’s To Follow
The former finance minister also hailed the minority judgement. “We are happy that the minority judgement has pointed out the illegality and the irregularities in the Demonetisation. It may be only a slap on the wrist of the government, but a welcome slap on the wrist. The dissenting judgement will rank among the famous dissents recorded in the history of the Hon’ble Supreme Court. The minority judgement brings out the profound distinction between the plenary legislative power of Parliament and the limited power of the executive Government,” said Chidambaram.
He further said that the Congress is happy that the minority judgment emphasised the important role of Parliament in a democracy. “We hope that in future an unbridled Executive will not thrust disastrous decisions on Parliament and the people,” said the Congress leader.
Read More: Punjab National Bank Hikes Interest Rates On Savings Accounts And Fixed Deposits
The Supreme Court in a 4:1 majority verdict on Monday upheld the government’s 2016 decision to demonetise the Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed. Justice B V Nagarathna dissented from the majority judgment on the point of the Centre’s powers under section 26(2) of the RBI Act and said the scrapping of the Rs 500 and Rs 1,000 series notes had to be done through legislation and not through a notification.
Congress leader Jairam Ramesh said that the majority Supreme Court verdict deals with the limited issue of the process of decision making not with its outcomes. “To say that demonetisation has been upheld by the Honourable Supreme Court is totally misleading and wrong,” said Ramesh.
“It (SC) has said nothing on the impact of demonetisation which was a singularly disastrous decision. It damaged the growth momentum, crippled MSMEs, finished off the informal sector and destroyed lakhs and lakhs of livelihoods. The verdict has nothing to say on whether the stated objectives of demonetisation were met or not. None of these goals-reducing currency in circulation, moving to a cashless economy, curbing counterfeit currency, ending terrorism and unearthing black money-was achieved in significant measure,” said Ramesh.
