Congress Leader P Chidambaram tweeted, “Once the Hon’ble Supreme Court has declared the law, we are obliged to accept it”
New Delhi: Former Finance Minister and senior Congress leader P Chidambaram said that the Supreme Court has not upheld the wisdom of the demonetization decision. The majority also did not conclude that the stated objectives were achieved. These remarks by P Chidambaram came after the SC dismissed pleas challenging the Centre’s 2016 demonetization move.
Taking to Twitter, Chidambaram tweeted that after SC’s decision, we have to accept the law. He tweeted, “Once the Hon’ble Supreme Court has declared the law, we are obliged to accept it.”
In a series of tweets, he further added that the majority has steered clear of the question, whether the objectives were achieved at all. He tweeted, However, it is necessary to point out that the majority has not upheld the wisdom of the decision; nor has the majority concluded that the stated objectives were achieved. In fact, the majority has steered clear of the question whether the objectives were achieved at all.”
He said, “We are happy that the minority judgment has pointed out the illegality and the irregularities in the Demonetisation. It may be only a slap on the wrist of the government, but a welcome slap on the wrist.”
We are happy that the minority judgement has pointed out the illegality and the irregularities in the Demonetisation. It may be only a slap on the wrist of the government, but a welcome slap on the wrist.
— P. Chidambaram (@PChidambaram_IN) January 2, 2023
Also Read: “RBI Did Not Show Independent Application Of Mind”: Dissenting Judge In Demonetization Case
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. Reported Live Law.
The majority held that the Centre’s notification dated November 8, 2016, is valid and satisfies the test of proportionality. Justice BV Nagarathna in her dissenting view held that though demonetization was well-intentioned and well-thought-of, it has to be declared unlawful on legal grounds (and not on the basis of objects).
The 5-judge comprising Justices S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian, and BV Nagarathna had reserved the judgment on December 7, 2022.
Reading the majority judgment, Justice BR Gavai said: “Demonetization had a reasonable nexus with the objectives (eradicating black marketing, terror funding, etc.) sought to be achieved”. He added that it is irrelevant whether the goal was completed or not.”
The bench further held that the prescribed period of 52 days for currency exchange cannot be said to be unreasonable.
It added that the decision-making process cannot be faulted merely because the proposal emanated from the Central Govt. “There has to be great restraint in matters of economic policy. The court cannot supplant the wisdom of executive with its wisdom.”
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