India Demonetisation Row: The Supreme court would be hearing petitions today stating the Union’s decision to demonetise the high denomination notes of Rs 500 and Rs 1000 as illegitimate. The centre has defended its demonetisation policy as it told the Supreme Court on Wednesday that imposing a currency ban in the country does not amount to the violation of the fundamental rights of the citizens.
India Demonetisation Row– SC to hear PILs against demonetisation today
It added that it only imposed “reasonable restrictions” on the black money hoarders. GOI further said on Thursday that it has acted upon the consensual advice of the Parliament and that it hasn’t exercised its discretion.
Justifying its decision, the affidavit read, “In the present case, the public is not deprived of using the money or the value of the legal tender possessed by them. They can still use their money by use of cheques, e-transfer, etc. The government, however, in view of the changeover of the fake notes, has for a limited period, imposed certain reasonable restrictions in the form of limited withdrawal of money and or exchange thereof.”
Furthermore, defending its move to scrap Rs 500 and Rs 1000 notes it said that the RBI holds the legitimate power to withdraw a huge amount of currency of high denomination value. It said in the affidavit, “Merely because there is a restriction on the public to use old high-denomination notes, the regulation cannot be held to be illegal or unreasonable restriction as there is no infringement of Fundamental Rights of Citizens.”