Student Panels Discussion On Demonetization || kpias || Best IAS Academy || Inter With Ias

Описание: The three stated objectives of the 2016 banknote demonetisation, namely, counterfeit currency, black money, and terror financing, were like Jarasandha

Vivek Narayan Sharma vs Union of India |

The 5-judge bench comprising Justices S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna was hearing the batch of 58 petitions challenging the Centre's decision. HOWEVER, Justice Nagarathna differed from the majority judgment on the point of the Centre's powers under section 26(2) of the RBI Act. In an affidavit, the Centre had told the top court that the demonetisation exercise was a well-considered decision and part of a larger strategy to combat the menace of fake money, terror financing, black money and tax evasion.


History

Indian government had demonetised banknotes on two prior occasions—once in 1946 and once in 1978—and in both cases, the goal was to combat tax evasion via "black money" held outside the formal economic system.[23] In 1978, the Janata Party coalition government demonetised banknotes of ₹1,000, ₹5,000 and ₹10,000, again in the hopes of curbing counterfeit money and black money.


Aim: The main agenda of this act was to cut down the shadow economy and diminish the use of illicit and counterfeit cash used to fund illegal activities and terrorism

Justice Nagarathna underlined that “this court does not base its decision on the legality of a legislation qua the effectiveness in achieving the stated objectives”. Therefore, “it is clarified that any relief moulded in the present case is divorced from the consideration of the success of such measures”.