Follow us on
Welcome Guest! You are here: Home » India
Supreme Court declines interim order on currency ban, takes on all cases
Friday December 16, 2016 9:37 PM, IANS

New Delhi: The Supreme Court on Friday refused to pass any interim order on extending the deadline until which scrapped currency notes could be exchanged or used for essential services, including in hospitals and medical stores, rail and air travel and left it to the government to take the call.

The court also referred to a larger five judges bench the batch of petition challenging the demonetisation as it stayed proceedings before different high court on petitions challenging the demonetisation decision and barred all the courts from entertaining any plea on this court.

It framed nine questions to be addressed by the larger bench which included the validity of demonetisation decision vis-a-vis Section 26(2) and Sections 7, 17, 23, 24, 29 and 42 of the Reserve Bank of India Act, 1934 and whether it contravene the provisions of Article 300(A) of the Constitution.

The larger bench will also examine the scope of judicial review in matters relating to fiscal and economic policy of the Government.

Refusing to issue direction to the government on extending the period of exemption on using the defunct currency notes, the bench of Chief Justice T.S. Thakur, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud left it to the government to take a call on the issue.

"In our opinion, whether the exemption period should be extended or not must be best left to the judgment of the government of the day with a hope that the government will be responsive and sensitive to the problems encountered by the common man," said the order by the court pronounced by Chief Justice Thakur.

"..., we may commend to the authorities to fulfill their commitment... permitting withdrawal of Rs.24,000 per account holder of the bank per week to the extent possible and review that decision periodically and take necessary corrective measures in that behalf," said the court as it referred to the reasons for the demonetisation of Rs 500 and Rs 1,000 denomination notes.

Attorney General Mukul Rohatgi had told the court that demonetisation decision was taken to eliminate the black money, counterfeit currency and terror funding.

The order also noted the government telling the court that it would take around 50 days time to streamline the cash flow and that period is still not exhausted. It also noted government telling the court the Reserve Bank of India has been able to infuse around Rs. 5 lakh crore of the new currency notes of Rs 500 and Rs 2,000 denomination which was almost over 40 per cent of the demonetised currency.

Issuing notice on the government plea for the transfer of a large number of matters before different High Courts challenging the November 8 decision of demonetisation, the court stayed their proceedings. It asked those petitioners to approach the top court instead.

It would be "just and proper" to" withdraw all the petitions/proceedings pending in different high courts across the country and to be heard by this court" along with the petitions which are already pending and raising same or similar issues, the order said.

On the District Co-operative Banks, the court, taking note of the government decision, directed the competent authority to issue necessary notification within two days by which defunct currency notes collected by them could be exchanged for new currency after 100 per cent verification of the KYC.

The DCB which had received deposits to the tune of Rs 8,000 crore in four days from November 11 to 14 were barred from accepting deposits or exchanging demonetised notes.



 


Share this page
More Headlines
Voting begins for 14 municipal councils in Pune, Latur and other districts of Maharashtra
AR Rahman in Oscar race once again
Research: World's wet regions are getting wetter, dry regions are getting drier
US researchers identify source of kidney disease biomarker
Russian hacking of US Polls: Electoral College seeks detailed information ahead of vote
Scrapped Indian notes sail to Dubai to end up as furniture
Long queues at banks, ATMs after long weekend
Cyclone Vardah leaves debris, damage; dents digital payment mode in Tamil Nadu
Political leaders laundering black money, India Today TV sting reveals
Rs 12.44 lakh crore deposited in old notes till Dec 10: Reserve Bank of India
More women consider resigning as member, dissent within Muslim panel deepens
CBSE resolution on compulsory board exam for Class X students by January end
Indian basket of crude gains $3 as global oil prices surge to 18-month high
A complete meltdown of humanity in Aleppo, says United Nations
Fasting can kill cancer cells of common childhood leukemia
Know the nine fruits you should eat in winter for healthy skin
Thousands hit but Russia says no to US call for truce in Syrian city of Aleppo
Moving US Embassy in Israel to Jerusalem Trump's top priority: Kellyanne Conway
Islamic Banking has no relevance in India: Union Finance Ministry
Rs 2,000 note only a stopgap arrangement, will ultimately be withdrawn: RSS ideologue
Demonetisation: An assault on people
UPSC CAPF (Assistant Commandants) Exam 2016: Personal interviews begins on January 9
 Post Comments
Note: By posting your comments here you agree to the terms and conditions of www.ummid.com