The Supreme Court on Wednesday observed that it will decide on October 12, whether demonetisation has become ‘academic’ issue and whether it required any consideration at all.
The views were expressed by a five-Judge Constitution bench headed by Justice Abdul Nazeer, while hearing petitions against the decision of the Narendra Modi government in 2016, declaring currency notes in the denomination of Rs. 500 and Rs. 1000 as redundant.
“We are already burdened with so much pendency” says Justice Gavai.
The Prime Minister, in a televised address to the nation on November 8, 2016, had declared that high denomination notes of Rs 500 and Rs 1000 will not remain a legal tender from the mid night.
In the speech, the PM said that the Central government has declared a “decisive war” against black money and corruption.
The unprecedented move and decision by the Union Government had evoked sharp reactions from the Opposition parties which rejected the move calling it reckless and an attack on the economy of the Nation.
An affidavit was filed by the Centre on November 24, 2016, which said that it was a bold move aimed at eradicating the black money and slush funds operating since Independence which cast a “parallel economy” hitting the poor and the middle class.
It had added that the decision was a check mechanism on the real estate which was pushing up the prices artificially, thereby reducing the availability of affordable housing for the poor and the middle class.
The Centre had filed an additional affidavit to counter the criticism against the drive saying it is in the interest of the nation and would also give a boost to anti-terror activities of the country