Supreme Court announces verdict on Demonetisation
New Delhi: The Supreme Court on Monday announced the verdict on the demonetisation of Rs 1000 and Rs 500 currency notes in favour of the Center's 2016 exercise. The five-judge constitution bench headed by Justice Nazeer and comprising Justices B.V. Nagarathna, B.R. Gavai, V. Ramasubramanian and A.S. Bopanna pronounced the judgement.
Justice Gavai stated that the decision-making process can't be faulted merely because the proposal came from the Central government. Justice Gavai further added that there was a consultation between the RBI and the centre for six months. The apex court said that the period of 52 days prescribed to exchange the note can't be said to be unreasonable.