Demonetization: The decision to demonetization was taken after a lot of thought.
The central government has said that demonetization in 2016 was a well-thought-out decision and was part of a larger strategy to tackle the menace of counterfeit notes, terror financing, black money, and tax evasion. The Center on Wednesday defended its decision in the Supreme Court, saying that the decision to demonetize and demonetize Rs 500 and Rs 1,000 notes was taken after extensive consultations with the Reserve Bank of India, and its decision was taken before demonetization. All the preparations were done.
Center responds to petitions challenging demonetization decision Center has said this in an affidavit filed in response to the petitions challenging the decision of demonetization. In this, the central government said that demonetization was part of a larger strategy and an effective measure to deal with the problems of counterfeit currency, terror financing, black money, and tax evasion. But it was not limited to only this. This was one of the important steps in a series of transformative economic policy steps. The matter is being heard by a five-judge constitution bench and now the next hearing will be on November 24. In the affidavit, the central government said that the decision to demonetization was taken on the special recommendation of the Central Board of Directors of the Reserve Bank and the RBI had also proposed a draft plan for its implementation. The bench is hearing 58 petitions challenging the Centre’s November 8, 2016, demonetization decision.
In these cases, the use of notes was exempted.Stating that comprehensive measures were taken to reduce the hardships of the people, the Center said that the specified banknotes can be used for certain transactions such as booking of bus, train, and air tickets, hospitalization, and purchase of LPG cylinders. was exempted. It also mentioned reducing the cost of doing business, facilitating financial inclusion, and removing long-standing distortions in the informal sector. On November 9, Attorney General R Venkataramani apologized to the bench for not being able to prepare a comprehensive affidavit and sought a week’s time. Justice Nagaratna had said that normally constitution benches do not rise like this and it is very shameful.
