National

RBI Was Not In Loop About Demonetization: Report

RBI

An official who was part of the decision-making hinted that there were no proper discussions held about demonetization in the RBI Board

New Delhi: The Supreme Court Constitution Bench has upheld by a 4:1 majority the decision taken by the Union Government six years ago to demonetize the currency notes of Rs. 500 and Rs.1000 denominations. On this, The Indian Express reported Reserve Bank of India (RBI) was “never in the loop” about the withdrawal of notes. High-Level sources of The Indian Express said the Central Board of RBI was not in the loop about the matter.

As per The Indian Express report, an official who was part of the decision-making hinted that there were no proper discussions held about demonetization in the RBI Board. He said, “It is said that the government was in consultation with the RBI for six months. The (RBI) board was never in the loop. Maybe one or two people from RBI would have known. Suddenly within half an hour or one hour, you issue a notice and call a meeting without even informing about the agenda.”

According to the report, in May 2016, six months before the demonization RBI board had cleared the introduction of Rs 2,000 notes. But the withdrawal of 500 and 2000 notes was not discussed in July and August board meetings in 2016.

In its Right to information (RTI) reply to The Indian Express earlier, RBI said on May 2019, a proposal to introduce Rs 2000 notes was discussed and approved by the Central Board. However, the withdrawal of legal tender of the Rs.500 and Rs.1000 notes was not discussed at the May board meeting last year.

The Indian Express reported that RBI said it was also not discussed during the subsequent Central Board meetings on July 7 and August 11. Raghuram Rajan was the Governor when the proposal to introduce new 2000 rupee notes got a green signal from RBI Board that year.

Also Read: “RBI Did Not Show Independent Application Of Mind”: Dissenting Judge In Demonetization Case

When RBI was enquired about whether the RBI Central Board received any proposal to demonetize Rs 500 and Rs 1000 notes from the government in another RTI reply RBI said, “the Central Board of Reserve Bank of India in its meeting held on November 8, 2016, recommended the proposal to withdraw legal tender character of 500 and 1000 rupee notes to the Central Government.’’

The Indian Express reported RBI declined to provide the minutes of the Central Board meeting on November 8, 2016. Stating the reason for not sharing the minutes of the meeting, RBI said the “information sought is exempt from disclosures under 8(1)(a) of the RTI Act, 2005.”

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Hate Speech Disfigures Society’s Foundational Values, If Pulled Out By Minister Cannot Be Vicariously Attributed To Govt: SC

Pearl Prasad
SC Supreme Court Dalit

The Supreme Court said the hate speech pulled out by the minister cannot be vicariously attributed to the government even by the means of collective responsibility

New Delhi: The Supreme Court said the statement pulled out by the minister cannot be vicariously attributed to the government even by the means of collective responsibility.

Justice SA Nazeer headed the five-judge bench in the supreme court and said no other restrictions other than the ones constituted under article 19(2) of the constitution can be imposed on the right to freedom of speech.

Restrictions under Article 19(2) are exhaustive said the apex court. The Supreme Court claimed that the minister’s statement cannot be vicariously attributed to the government.

“Fundamental under article 19(1)a can be exercised  against other instrumentalities other than the state” the bench comprising of Justice BR Gavai, AS Bopanna, V Ramasubramanium said.

Also, Read: Madhya Pradesh: Minor Girl Raped In Betul

Justice BV Nagarathna who was also part of the bench added freedom of speech and expression is a much needed right so that citizens are well informed and educated on governance.

She added that hate speech disfigures the foundational values of society while creating and unequal ground whilst attacking citizens belong to varied backgrounds especially “in a country like us “Bharat.”

The judgement followed a question of whether restrictions could be imposed on public functionary’s right to freedom of speech and expression.

Furthermore, Justice Nagarathna added that hate speech targets the root of equality and fraternity and said to enable a check on this fundamental duties can be used to monitor disparaging speeches and promoting harmony among citizens.

“Parliament may enact a law against hate speeches  disparaging remarks against fellow citizens. It is for political parties to control their members from crossing limits for free speech. Citizens can approach the court for hate speech by filing criminal or civil cases,” Justice Nagarathana added.

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