Note ban News

SC verdict on demonetisation: A 5-judge Constitutional Bench headed by Justice S A Nazeer today said there has to be restraint in matters of such a policy and the court cannot supplant the wisdom of the executive by a judicial review of its decision. However, Justice B V Nagarathna strongly differed from the majority judgment by invoking the RBI Act, saying the scrapping of high-value currency notes should have been done through legislation and not by a notification.

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

The Supreme Court today upheld the government's 2016 note ban decision which phased out old Rs 1,000 and Rs 500 currency notes by a 4:1 majority. Justice BV Nagarathna said that the process of banning Rs 1,000 and Rs 500 notes could not have been initiated by the Centre. She also said that if a note ban was to be done, it should have been initiated through an Act of Parliament and not by an executive notification.

SC wants the central government to "keep ready" the files about the decision to ban ₹ 500 and ₹ 1,000 notes — over 80 per cent of all notes then in circulation — announced in a sudden, late-evening address by PM Narendra Modi as an "anti-corruption" measure. 

Congress leaders slammed Modi govt over demonetisation Today marked the fifth anniversary of note ban

India-born Harvard professor Gopinath, 46, is set to take charge as the chief economist at the International Monetary Fund (IMF) next month.

The government had demonetised old Rs 500 and Rs 1,000 notes on November 9, 2016.

In a no-holds-barred attack on the Congress, its president Rahul Gandhi and his mother Sonia, PM Modi said the party's "politics begins and ends with one family".

Jaitley said that the larger purpose of demonetisation was to move India from a Tax Non-compliant society to a compliant society.

Post-demonetisation, RBI spent Rs 7,965 crore in 2016-17 on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year.

The committee has several Congress heavyweights, including former prime minister Manmohan Singh.

A public interest litigation -- probably holding the key to the historic demonetisation of November 8, 2016 -- filed by RTI activist Manoranjan Roy will finally come up for hearing at Bombay High Court here on February 12.

New Delhi, Feb 11 (PTI) The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness".

Goa Chief Minister Manohar Parrikar said decisions such as demonetisation and the roll-out of the Goods and Services Tax could be implemented because of the "bold leadership" of Prime Minister Narendra Modi.

BJP has won in regions with significant business clout Traders were said to be voting against GST and demonetisation Whether BJP's vote share in these regions has been affected will become clear only by the end of the day

Prime Minister on Monday took on the Congress for criticising his government over problems caused by the Goods and Services Tax and demonetisation.

The Rs 2,000 notes were part of the 281,839 fake notes of various denominations recovered from different locations across India.

'Khajanchi' is the child born in a queue outside a bank soon after demonetisation.

Finance Minister Arun Jaitley said that the results of Uttar Pradesh civic polls reaffirmed people's support for the GST which has made doing business "easier" for traders.

The government's demonetisation drive was meant to cleanse the system and do away with black money, Finance Secretary Hasmukh Adhia said here on Saturday.