Domenica, 04 Dicembre, 2016

Supreme Court to hear all pleas on demonetisation today

Rufina Vignone | 02 Dicembre, 2016, 12:54

"The respondents (Centre's) act of cancelling legal tender character of existing series of Rs 500 and Rs 1m000 bank notes is only a reasonable restriction and regulatory in nature".

The government also told the court that the demonetisation scheme does not amount to infringement of fundamental rights and is a "reasonable restriction".

The government said this in its affidavit filed by the Union Finance Ministry before the apex court which is set to hear a batch of petitions challenging the decision to demonetise Rs 500 and Rs 1,000 currency notes.

It told the court that government is also monitoring various exemptions given in the drive and from December 2, petrol pumps will not take Rs 500 currency notes as use of debit and credit cards is picking up pace.

Others said that most ATMs were dispensing only Rs 2,000 notes, which people were finding hard to use. On November 29, the apex court had agreed to hear pleas of 14 co-operative banks of Kerala for its nod to transact business like banks, and BJP spokesperson and advocate Ashwini Kumar Upadhyay seeking demonetisation of any currency note higher than Rs 100 denomination. In the reply filed in the Supreme Court, it said, "There is a clear distinction between the "regulation" and "deprivation".

"Barring short exceptions, (the) Indian economy has consistently seen moderate to high inflation since then, thus progressively eroding the value of money in purchasing power parity (PPP) terms", the affidavit said. "The central government under Section 7 of the RBI Act may also give directions to the RBI, after consultation with the governor of the RBI, as considered necessary and indispensable for public interests", the counter-affidavit said.

Earlier, a bench of Chief Justice T.S. Thakur and Justice D.Y. Chandrachud initially said it would first hold a hearing on the inconvenience being faced by the public and steps taken to address them.

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