Supreme Court upholds demonetisation: Here's what political leaders, experts have to say

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The Supreme Court on January 2 upheld the Union government’s November 2016 decision to demonetise Rs 500 and Rs 1,000 currency notes by 4:1 majority.

Also Read | SC upholds demonetisation by 4:1 majority: Understanding the verdict through 10 points

Here is what political leaders and experts in the country have said:

- Former Finance Minister P. Chidambaram tweeted: "The minority judgement brings out the profound distinction between the plenary legislative power of Parliament and the limited power of the executive Government."

We are happy that the minority judgment has emphasised the important role of Parliament in a democracy

We hope that in future an unbridled Executive will not thrust disastrous decisions on Parliament and the people

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— P. Chidambaram (@PChidambaram_IN) January 2, 2023

The Supreme Court's verdict on #Demonetisation has nothing to say on whether the stated goals of this disastrous decision were met or not.

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My statement on the matter: pic.twitter.com/63HpyvHK7e

— Jairam Ramesh (@Jairam_Ramesh) January 2, 2023

Also Read | Currency in circulation rises by 83% since demonetisation in 2016

- Kirat Singh Nagra, Partner, DSK Legal

The Court has taken a balanced and careful approach in examining a move of the Government, which now could not have been undone. In doing so, the Hon’ble Court has been well guided by the doctrine of separation of powers. The Hon’ble Court consciously stayed clear of not trespassing the Laxman Rekha of judicial interference into an economic policy decision of the Executive, which the Court found to be a consultative process between the Central Board of the RBI and the Central Government.

The Hon’ble Court’s decision underscores the principle that there has to be a reasonable nexus between an economic policy decision and objectives sought to be achieved by it, which in the present case were the evils of fake currency, black money, terror funding and tax evasion.

- BJP Leader Amit Malviya

Defining line from Supreme Court’s judgement on demonetisation: Court cannot supplant the wisdom of executive with its wisdom.

It is a message for the opposition not to lean on judiciary to settle political scores. The role of the executive and judiciary are clearly defined…

— Amit Malviya (@amitmalviya) January 2, 2023

Former law minister and BJP leader Ravi Shankar Prasad asserted that the demonetisation done in 2016 proved to to be the "biggest blow" to terrorism by curbing terror funding. It boosted income tax and cleansed the economy, he claimed.

"It is a historic decision and is in national interest. The Supreme Court has held a decision taken in national interest valid. Will Rahul Gandhi now say sorry for his campaign against demonetisation. He spoke against it even abroad," he said at a press conference.

- Abhinay Sharma, Managing Partner, ASL partners

The test of proportionality was also met to the extent that there were consultations between the Centre and the RBI prior to demonitising the Rs. 500 and Rs. 1000 currency notes. The measure was in proportion with the outcome sought to be achieved i.e., eradicating black marketing, terror financing, among other objectives. Furthermore, a reasonable period of 52 days for exchanging the old currency notes with the new ones was also prescribed by the Government in its policy decision.

- Union Minister Anurag Thakur

Todays landmark judgment by Hon. Supreme Court upholds the Union Governments decision on #Demonetisation and dispels the misinformation campaign and propaganda spread by the opposition.

सत्यमेव जयते https://t.co/PJBemt1wug

— Anurag Thakur (@ianuragthakur) January 2, 2023

- Karnataka Health Minister K Sudhakar welcomes SC's verdict

I welcome Supreme Court's decision to uphold GoI's decision on #Demonetisation.

Demonetisation along with GST and digital payments have accelerated formalisation of Indian economy with a much cleaner, transparent and honest financial system which will benefit future generations. https://t.co/oZdbJQBrFy

— Dr Sudhakar K (@mla_sudhakar) January 2, 2023