INVC NEWS
New Delhi : 500 and 1000 rupee notes were immediately taken out of circulation by the Central Government on 8 November 2016. Then the government had said, 86 percent of the currency is in the form of notes of 500 and 1000 rupees. Closing this will eliminate black money. The problem of Naxalism and terrorism will be solved. Current Supreme Court judge Justice BV Nagarathna, while recently addressing the students, termed demonetisation as unconstitutional.
A bench of five judges of the Supreme Court has justified the decision of demonetization on the basis of majority. Justice BV Nagarathna was also included in this batch. Instead of giving his consent to the decision, he had written a separate decision at that time also. He believes that the government had taken this decision without following any procedure. People had to suffer a lot. This topic was not discussed even in Parliament.
The government did not get any benefit from this unconstitutional decision. More than 99 percent of the currency returned to the Reserve Bank. In a way, they have taken advantage of demonetization. Who had black money. After demonetization, their black money was converted into white money? The government had demonetized ₹500 and ₹1000 notes. In lieu of this, ₹2000 notes were brought into circulation. That too has now been closed.
Constitutional role of governors?
Justice Nagarathna’s speech took place among the law students of Hyderabad. He said that the role of Governors is being seen recently. That is unconstitutional. There has been a flood of such cases in the High Court and the Supreme Court. The disputes that have arisen between state governments and governors. That is going to increase anxiety. He said that the post of Governor is a serious constitutional post. He said that I think the time has come, it has become necessary to tell how the Governor should work as per the Constitution.
The demonetization case which was considered closed. Judge Justice BV Nagarathna, who was part of the five-judge bench, has once again escalated the matter. In future, this issue of demonetization may once again come up as a challenge in the Supreme Court. After the decision of demonetization, this controversy still arises on the role of the Central Government, Reserve Bank and Income Tax.
Those people who had deposited more money than the limit at that time, the Income Tax Department. Income tax rules were not followed. An investigation should have been conducted against him. No results of such investigation have been revealed yet. The role of Income Tax Department and Reserve Bank in this is important even today.
