Can't fold hands and sit because it's an economic policy'; SC on demonetisation case
When the Supreme Court heard petitions contesting the Center's decision to implement demonetisation in 2016, it stated that it could not simply sit back and do nothing because it was an economic policy.
The Reserve Bank of India (RBI) was represented by senior attorney Jaideep Gupta before a five-judge bench of justices Abdul Nazeer, B.R. Gavai, A.S. Bopanna, V. Ramasubramanian, and B.V. Nagarathna. Gupta stated that the demonetisation policy's goal was to combat black money and counterfeit money, and that no banks suffered losses.
Senior attorney Jaideep Gupta defended demonetization by asserting that there were no policy flaws in the government's choice, speaking on behalf of the RBI. Courts cannot evaluate economic policy decisions unless they are determined to be unlawful. It is preferable to let the professionals handle them. The bench answered that the court has the authority to determine whether or not economic policies are legal. He said that the court would not discuss the benefits and drawbacks of the government's choice. However, the process by which the choice was made can be investigated.
The top court was considering appeals of the Center's move to demonetize Rs. 500 and Rs. 1,000 notes in 2016.