Notebandi News
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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.
The BJP today slammed the opposition parties including Congress and DMK for politicizing the notebandi decision.
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The Supreme Court has pronounced its judgment today on a batch of pleas challenging the government's 2016 decision to demonetise currency notes of Rs 1,000 and Rs 500.
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The centre said the demonetisation was a "well-considered" decision and part of a larger strategy to combat the menace of fake money, terror financing, black money, and tax evasion.
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Resisting the apex court's attempt to revisit the 2016 demonetisation exercise, the BJP govt had said the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".
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The biggest decision related to the Indian economy was taken 6 years ago. Prime Minister Narendra Modi gave an address to the nation on 8 November 2022 at 9 pm, under which the old notes of 500-1000 rupees were announced to be discontinued.
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On November 8, 2016, Prime Minister Narendra Modi announced on national television his government's decision to ban all currency notes of higher denomination of Rs 500 and Rs 1,000 from midnight on the same day.
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Gujarat elections 2017: BJP wins trade centres, as GST, demonetisation turn damp squibs for Congress
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
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PM Modi announced the scrapping of Rs 500 and Rs 1,000 notes on November 8 last year, in a surprise move.
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The Central Statistics Office is due to unveil on Tuesday the revised advance estimate for GDP growth for 2016-17 after factoring in the note ban impact in the December quarter.
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The Minister of State of Micro Small and Medium Enterprises made the remarks during a function in his parliamentary constituency of Nawada on Saturday.
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