Supreme Court Demonetisation Verdict: The top court dismissed a batch of pleas challenging the demonetisation decision of Rs 500 and Rs 1000 currency denominations by the Central government in 2016. The Supreme Court while hearing the petitions, upheld the move and said that the drive cannot be struck down on the grounds of proportionality. Justice BR Gavai said that it is not relevant whether the objective was achieved or not, adding that the period prescribed of 52 days cannot be said to be unreasonable. "The power under Section 26(2) of RBI Act can be used to demonetise whole series of bank notes and not any particular series. "Any" cannot be given restrictive meaning," he added. Watch the video to know more.
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