Demonetisation case: The Supreme Court in a 4:1 majority verdict on Monday upheld the government's 2016 decision to demonetise the Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
There has to be great restraint in matters of economic policy and the court cannot supplant the wisdom of the executive by a judicial review of its decision, a five-judge Constitution bench of the apex court, headed by Justice S A Nazeer, said.
Congress leader and one of the petitioners P Chidambaram expressed his disappointment over the judgement saying, “once the Hon'ble Supreme Court has declared the law, we are obliged to accept it.”
“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 tweeted.
We are happy that the minority judgement has pointed out the illegality and the irregularities in the Demonetisation, he added.
Former Home Minister said It may be only a slap on the wrist of the government, but a welcome slap on the wrist.
“The dissenting judgement will rank among the famous dissents recorded in the history of the Hon'ble Supreme Court. The minority judgement brings out the profound distinction between the plenary legislative power of Parliament and the limited power of the executive Government,” he said.
We are happy that the minority judgment has emphasised the important role of Parliament in a democracy, Chidambaram added.
“We hope that in future an unbridled Executive will not thrust disastrous decisions on Parliament and the people.
Earlier, calling the scrapping of the Rs 500 and Rs 1,000 currency notes deeply flawed, Chidambaram had argued that the government cannot on its own initiate any proposal relating to legal tender, which can only be done on the recommendation of the RBI's central board.
(With PTI input)
