Demonetisation in India

                                             Topic:-Demonetisation in India

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Today we are going to talk about that time when everyone ran towards ATMs and banks after hearing the demonetization, but what did they know that even the banks do not have new 500 and 2000 notes. What is the meaning of this today's topic going Demonetization in India in this blog post?

Why in the discussion?

6 years ago today, a petition was filed in the court against the decision to ban 500 and 1000 rupee notes, under which law demonetization is done. What is such a law that the government did not tell the public and did demonetization?

Why does this incident matter?

Because this incident is being fought by former minister P. Chidambaram himself and before that, he has also been governor, that is, he wants to know what is the law that was implemented by demonetization.

now what?

It is a matter of 2016 when the demonetization took place on November 8, the Finance Minister of that time was happy with this demonetization scheme that in this way black money would be returned. He was happy with the arguments given by the government. In such a situation, the decision could not be taken at that time, now it is clear that the purpose with which the demonetization was done could not be implemented. After that, about 40 petitions were filed, roaming around and seeing that the purpose for which demonetization was done is not happening. After that, now a constitutional bench of 5 judges was set up. These judges have sought an answer from the central government, after all, what was the law of demonetization.

The bench of 5 judges has said that you submit your affidavit, and the next meeting will be held on 9 November 2022.

The bench of 5 judges:- Justices Sye Nazeer, BR Gavai, AS Bopanna, Justice, BV Nagarathna, and Justice

On behalf of the government:-

R Venkataramani, who was the Attorney General on behalf of the government, says that now this matter is left for reading only, even if you give any decision on it, then it will be Null & Void.

Lichen, who petitions, says that if we get any decision done today, it is expected that we will be saved from such things in the coming future.

The petitioner asked under which law you did demonetization, then the government says that we had implemented this law under section 26(2) of the RBI Act.

But there is nothing written in this law that demonetization should be done to catch black money. Let me tell you what is written this May: the central government has the right to cancel the currency notes of a particular series and not to close the entire currency notes.

second part coming soon...

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