BREAKING: DEMONETISATION VALID: SUPREME COURT, JUSTICE BV NAGARATHNA DISSENTS-LIVE UPDATES
#BREAKING| Justice Nagarathna holds that there was no independent application of mind by the Reserve Bank of India for demonetisation. Justice Nagarathna further notes that the entire excercise was carried out in 24 hours.
Justice Nagarathna : Parliament is a miniature of the country. Parliament which is the centre of democracy cannot be left aloof in a matter of such critical importance.
Justice Nagarathna : On looking at the records submitted by RBI, there are words "as desired by the Central Govt"...this demonstrates there was no independent application by the RBI. The entire exercise was carried out in 24 hours.
Justice Nagarathna : Parliament is a miniature of the country. Parliament which is the centre of democracy cannot be left aloof in a matter of such critical importance.
#BREAKING Justice BV Nagarathna in her dissent holds that demonetisation of the whole series of Rs 500 and Rs 1000 currency notes had to be done through a legislation and not through a gazette notification.
Justice BV Nagarathna : As per Section 26(2), the proposal for demonetisation to emanate from the central board of the RBI.
Justice BV Nagarathna : When the proposal for demonetisation originates from the Central Govt, it is not under Section 26(2) RBI Act. It is to be way of a legislation, and if secrecy is needed, then by way of an Ordinance.
Justice BV Nagarathna : Demonetisation of all series of notes at the instance of Central Govt is a far more serious issue than the demonetisation of particular series by the bank. So, it has to be done through legislation than through executive notification.
Justice BV Nagarathna : As per Section 26(2), the proposal for demonetisation to emanate from the central board of the RBI.
Justice BV Nagarathna : When the proposal for demonetisation originates from the Central Govt, it is not under Section 26(2) RBI Act. It is to be way of a legislation, and if secrecy is needed, then by way of an Ordinance.
Justice BV Nagarathna : My views on each of the questions has differed from Gavai J's response to the questions he has framed.