‘SC did not say anything on consequences of demonetisation’: Congress

New Delhi [India], January 2 (ANI): Responding to the judgment by a Constitution bench of the Supreme Court on Monday, upholding the Centre’s decision in 2016 to demonetise high-value currency notes of denominations of Rs 500 and Rs 1,000 through a 4:1 majority verdict, Congress spokesperson Pawan Khera said it would be wrong to conclude that apex court had termed ‘note bandi’ (note ban) as the ‘right decision’.

The five-judge Constitution bench on Monday dismissed a batch of petitions challenging the Centre’s move to demonetise Rs 500 and Rs 1000 currency notes, saying that the decision was an extension of the Executive’s economic policy and could not be reversed. The apex court bench further observed that there was a consultation between the Centre and the Reserve Bank of India (RBI) before the decision was taken.

“There was a reasonable nexus to bring such a measure, and we hold that demonetisation was not hit by the doctrine of proportionality,” the five-judge SC bench observed.

Addressing a press conference in the national capital, New Delhi, on Monday, Khera said, “The Supreme Court announced a 4:1 verdict in favour of demonetisation. One of the judges submitted a dissenting note. The learned court, in its judgment, termed only the process of demonetisation as the right move.

But it did not give any judgment on the consequences of the decision to recall currency notes of denominations of Rs 500 and Rs 1000.”

Khera added that the Supreme Court did not say a word on whether the decision helped to curb terror funding or hoarding of black money.

“It would be wrong to say that the Supreme Court termed the decision of demonetisation as the right one,” Khera said.

“The Centre is boasting that the Supreme Court termed demonetisation as the right decision. hey are wrong,” the Congress leader added.