The Honorable Supreme Court of India refused to put a stay on Narendra Modi government’s notification to demonetise the old high denomination currency notes of Rs. 500 and Rs. 1000. Congress leader and lawyer Kapil Sibal was arguing in the Supreme Court on behalf of petitioners who had filed a petition to immediately put a stay on the demonetisation. The bench comprising Chief Justice T S Thakur and D Y Chandrachud outrightly rejected the please against demonetisation and said, “We will not be granting any stay.” The Supreme court even refused to send any notice to the Government of India and RBI against demonetisation.
Appearing for the government, Attorney general Mukul Rohatgi said, “the government estimates black money size to be Rs 15-16 lakh crore and it expects people to deposit Rs 10-11 lakh crore in banks. Rest Rs 4-5 lakh crore were being used in northeast and J&K to fuel trouble in India. That will be neutralised.” Rohatgi said the main motive behind demonetisation of the old high denomination currency by the Centre is to force those who have hoarded cash at home to deposit in bank and explain the source of money. 87% of the entire cash economy consists of the old Rs 500 and Rs 1000 notes, a huge chunk of which is unaccounted for.
However, the Supreme court asked attorney general Mukul Rohatgi to file an affidavit and explain the steps taken by the government and the Reserve Bank of India to reduce the inconvenience being faced by people. The court also asked the govt to explain what steps it is planning to take in the near future to ensure that banks, ATMs and post-offices have abundant cash so that the inconvenience and long queues are minimised.
The Supreme Court decision is a huge slap on the face of all the corrupt politicians, businessmen and babus who are against the move of demonetisation and had filed a petition in the Supreme Court to put an immediate stay on the demonetisation. Not so surprisingly, it was again a Congress leader (Kapil Sibal) who was desperate to get a stay on demonetisation. This judgement is a huge support to the government of India from the highest level of judiciary in its war against corruption.