While the issue of Demonetisation has swept the economy with the hardships which the common man have had to confront. Although majority of people were ready to embrace the change for a better nation, still skome seemd On Friday, the Supreme Court declined to interfere at this juncture with the central government’s policy on demonetisation and other multifarious notifications issued by the Reserve Bank of India in this regard. The court directed a five-judge bench to assess the constitutional validity of the Mega Cash-cleanup decision announced by the Hon’ble Prime Minister Narendra Modi.
Comprising of the Chief Justice of India T S Thakur, the three-judge bench instructed all other high courts in the country to hear demonetization related matters and decided to transfer all the cases to the apex court. The courts were refrained in a bid “to avoid multiplicity of hearing and conflicting decisions on the same subject matter.”
A list of nine issues were enlisted by the Apex court. These are the matters for which adjudication will take place by a five-judge Constitution Bench. The newly formed bench was also instructed to make any modifications in the weekly withdrawal limit at Rs 24,000.
The bench turned down a plea by the co-operative banks to operate as main stream banks upto the extent of accepting and exchanging demonetized notes. The bench collectively stated,“We are not inclined to suspend that bar as an interim measure. This is especially when the decision is the outcome of financial policy which the respondents (RBI and government) claim to have adopted on the basis of experience. In particular, an apprehension has been expressed about the possibility of demonetised notes being converted or exchanged without proper audit, control or supervision.”
The 3-judge bench also comprises of Justices A M Khanwilkar and D Y Chandrachud. A handful of petitioners had filed their plea to extend the dates until which old notes can be used in government hospitals and for booking train tickets.
“Whether the exemption period should be extended or not must be best left to the judgment of the government of the day with a hope that the government will be responsive and sensitive to the problems encountered by the common man. Accordingly, we decline to issue any interim direction to the government in the matter of extending the period of exemption and leave it open to the government to take appropriate decision in that behalf, as may be advised,” the bench spelled out firmly.
In a nutshell, issues regarding demonetisation have been ever-growing. However, as expected, Aam Aadmi is likely to find respite from the myriad of shackles of demonetisation. Nonetheless, the incumbent is doing every bit, at the threshold level, to ease out the hardships for the common man.
