BREAKING: DEMONETISATION VALID: SUPREME COURT, JUSTICE BV NAGARATHNA DISSENTS-LIVE UPDATES

BVN J: If demonetisation is to be initiated by the central govt, such power is to be derived from Entry 36 of List I which speaks of currency, coinage, legal tender, and foreign exchange.

Justice Nagarathna :The judgement proposed by Gavai J does not recognise that Act does not envisage initiation of the demonetisation of banknotes by the central govt.

#BREAKING Justice BV Nagarathna differs from Justice Gavai's judgment on the point of powers of Central Govt under Section 26(2) RBI Act.

BREAKING| Supreme Court holds that the power under Section 26(2) of RBI Act can be used to demonetise whole series of bank notes and not any particular series. "Any" cannot be given restrictive meaning.

Justice Gavai : The period prescribed of 52 days cannot be said to be unreasonable.

Justice Gavai : It is not relevant whether the objective was achieved or not.

Justice Gavai : We find that the three purposes are proper purposes and there was a reasonable nexus between the objects and the means to achieve the objects. Action cannot to be struck down on the basis of the doctrine of proportionality.

BREAKING | Supreme Court holds that demonetisation cannot be struck down on the grounds of proportionality.

Justice Gavai : We have held that there was a reasonable nexus with the objectives sought to be achieved.

Justice Gavai : Decision making process cannot be faulted merely because the proposal emanated from the Central Govt.