The central government has justified demonetization in the Supreme Court. The Center said demonetization was part of the economic policy. The government said demonetization was part of a larger strategy to curb fake currency, terror funding, black money, and tax evasion, but it was not limited to this. Demonetisation was an economic policy decision as per the provisions of the RBI Act 1934 enacted by the Parliament. Demonetisation was a well-thought-out decision.
Important reforms are going on in the country through economic policies
The central government has said this in the affidavit filed in the Supreme Court in the matter of demonetization. A five-member constitution bench of the Supreme Court is hearing the matter. The matter is to be heard on November 24. Following the order of the Supreme Court, the Central Government has filed this affidavit. The government said that significant reforms are underway in the country through economic policies and events. Demonetisation was an important work in this series. The objective of the policy of economic reform is to strengthen the formal economy and get benefits by making the large informal economy a part of the formal economy.
Many benefits of demonetization
The measures taken in the series of economic policies have been an expansion of the formal sector and a contraction of the informal sector. The policy was aimed at digital transactions, technological connectivity, and last-mile connectivity and widening the tax base, and increasing tax compliance. Along with this, reducing the cost of business, agricultural reforms, etc. are included.
Reference was made to RBI rules.
The Central Government has said that the Reserve Bank of India (RBI) Act, 1934 states that the RBI was constituted to regulate the issue of bank notes and maintain reserves so that monetary stability is maintained in India and it generally Operates the currency and credit system. In this law, the approach of consultation between the central government and the RBI has been talked about in currency management. It includes currency management, denominational value of the bank notes, and design of notes and demonetization (Section 26). Section 26(2) of the RBI Act empowers the Central Government to demonetize any note on the recommendation of the Central Board of the RBI.
RBI proposed a draft scheme
Sarkar said that the Central Board of RBI had specifically recommended the central government to demonetize Rs 500 and Rs 1000 notes. RBI had also proposed a draft scheme to implement this recommendation. The government considered the recommendation of the RBI and the draft scheme and based on that came out with the notification of demonetization.
Demonetisation is a well thought out decision
The government has said that demonetization was therefore done in the exercise of the powers and procedures vested in the law. This has been accepted positively by the Parliament by passing the Demonetization Act 2017. As such, the challenge to the notification has no merit. The government said that demonetization was a conscious decision. For this, a lot of consultations and preparations were done with RBI.
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