demonetisation
By Ritika Jain This year proved remarkable for the Supreme Court for the high number of judgments given by Constitution Benches (benches of five judges and seven judges), the number of judges appointed and those that retired, along with its record of “unprecedented disposal” of cases. To give perspective in numbers: In 2023, the Supreme Court Constitution Bench gave 18 judgments (five-judge benches: 17, seven-judge bench: 1); 14 judges were appointed while nine retired; and the top court made a dent in the backlog of its cases by disposing 52,191 cases against the registration of 49,191 cases....
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By Srijit Das A message has recently gone viral on WhatsApp falsely claiming that the Reserve Bank of India (RBI) has imposed a deadline to exchange the old 100-rupee banknote till March, 2024, declaring it invalid as legal tender. The message is being shared along with a photo of an old 100-rupee banknote stating the deadline to exchange it as March 31, 2024. BOOM found the claim to be false. We reached out to Yogesh Dayal, the spokesperson for RBI, who confirmed that no such directive has been issued by the banking regulator regarding the old 100-rupee banknotes. The message is being shared ...
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By Ritika Jain The Delhi High Court on Monday observed the Centre’s policy to withdraw Rs. 2000 denomination banknotes came after its purpose for issuing them in the aftermath of the denomination of Rs. 1000 and Rs. 500 banknotes in November 2016 had been achieved. The Rs 2000 banknotes were issued to after the Centre’s denomination exercise to ensure an adequate supply of money to meet the day-to-day requirements of the people, the high court said. Six years later “the Government has now decided to withdraw Rs.2000 denomination banknotes from circulation which is not being used commonly,” it ...
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By Mohammed Kudrati The Reserve Bank of India on Friday said that it was withdrawing the ₹2000 banknote from circulation in an exercise it says its aims to get completed by September 30. This is being done under its 'Clean Notes Policy', citing the notes' near seven-year lifespan. In the interim, however, the banknote will continue to be legal tender. This means that the banknote would be able to be used in all transactions. The public can, however, deposit these notes in their bank account or get it exchanged for fresh one of other denomination. Depositing them: A holder of these notes can de...
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By Ritika Jain Earlier today, Supreme Court's five-judge Constitution Bench in a 4:1 majority found the Centre's 2016 economic policy on demonetization lawful. Justice BR Gavai authored the majority opinion on behalf of Justices A Abdul Nazeer, AS Bopanna, and V Ramasubramanian. The top court said it was not competent enough to second guess the executive's financial and economic policies and the same should be left to a body of experts. This is apart from the fact that we have not found any flaw in the decision-making process, the majority opinion read. Justice BV Nagarathna—the sole dissenter...
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By Ritika Jain Supreme Court Constitution Bench in a 4:1 majority upheld the Centre's 2016 economic policy on demonetisation where it banned Rs 1000 and Rs 500 currency notes. Justice BR Gavai, who authored the majority verdict said the Centre's move was reasonable and the decision-making was not flawed. Justice BV Nagarathana however dissented and said demonetisation was contrary to the law and therefore unlawful. "The action of demonetisation initiated by the central government as per Nov 8, 2016, notification is unlawful. But the status quo ante cannot be restored at this point in time. Wha...
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By Mohammed Kudrati Several users have shared a quote attributed to former RBI governor Raghuram Rajan, where he has claimed to have said that he was not consulted by the government before the demonetisation exercise launched on 8th November, 2016. On examining the claims, BOOM found that the claim attributed to Rajan were paraphrased and misquoted from his past statements on the issue. "I was RBI governor during the time of demonetisation. RBI was not asked to make a single decision on demonetisation", says the viral quote shared by several users on social media. While this quote at face valu...
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By Ritika Jain Two five-judge Constitutional Benches of the Supreme Court heard at least eight matters early this week and fixed timelines for final hearings in these cases. Some of these long pending matters have been languishing in cold storage for more than a decade. 15 years after it was posted for reference before a five-judge bench, the Constitution Bench led by Chief Justice of India (CJI) UU Lalit will start hearing arguments on September 14 on whether Muslims can be declared as a socially and educationally backward class in Andhra Pradesh. Since the issues are overlapping, the bench s...
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