Former Union Finance Minister P Chidambaram, on Monday, January 2, said that the ‘minority’ judgement by the Supreme Court pointed out the ‘illegality' and the 'irregularities' in the demonetisation, soon after the apex court made its verdict. “We are happy that the minority judgement has pointed out the illegality and the irregularities in the demonetisation. It may be only a slap on the wrist of the government, but a welcome slap on the wrist. The dissenting judgement will rank among the famous dissents recorded in the history of the Hon'ble Supreme Court,” he noted.
He further stated that the majority verdict has steered clear of the question whether the objectives of the demonetisation exercise were achieved at all. The bench held that demonetisation cannot be struck down on the grounds of proportionality.
"Once the Hon'ble Supreme Court has declared the law, we are obliged to accept it. However, it is necessary to point out that the majority has not upheld the wisdom of the decision nor has the majority concluded that the stated objectives were achieved. In fact, the majority has steered clear of the question whether the objectives were achieved at all," the senior Congress leader said in a tweet.
“The minority judgement brings out the profound distinction between the plenary legislative power of Parliament and the limited power of the executive Government. We are happy that the minority judgment has emphasised the important role of Parliament in a democracy. We hope that in future an unbridled Executive will not thrust disastrous decisions on Parliament and the people,” he added.
Once the Hon'ble Supreme Court has declared the law, we are obliged to accept it.
— P. Chidambaram (@PChidambaram_IN) January 2, 2023
Earlier in the day, the Supreme Court upheld the government's 2016 decision to demonetise the currency notes of Rs 1,000 and Rs 500 denomination, saying the decision making process was not flawed. “There has to be great restraint in matters of economic policy and the court cannot supplant the wisdom of the executive by a judicial review of its decision,” a five-judge Constitution Bench of the apex court, headed by Justice SA Nazeer, said.
However, Justice BV Nagarathna differed with the judgement and said that demonetisation was “unlawful and vitiated.” She also said that there was no independent application of mind by the Reserve Bank of India in implementing the demonetisation policy.