Demonetisation-Court verdict

The Govt and its supporters must have heaved a sigh of relief over the Supreme Court ‘sverdict supporting Modi’s 2016 demonetisation move .Though there won’t be effect even it were declared illegal,as the note ban is a closed chapter .The Govt’s act would have remained an illegal and illogical act in history,had it been declared otherwise.As such ,SC only upheld the legality of the Centre’s decision on Demonetisation and SC only looked into the process butit didn’t say whether the stated objectives were met or not.Iam of the considered opinion that it would be fallacious if NDAtreats the SC’s verdict on Demonetisation as some kind of political victory worthy of using it as an electoral weapon.However the court’s postfacto ruling is only of academic interest at this juncture and shouldn’t be interpreted as a judicial endorsement of the success of note ban which an EX-Minister was claiming .Infact entire country has endured enormous pain and suffering because of the ill-conceived and hastily implemented idea which proved to a spectacular disaster ,disrupting the economy and throwing millions out of jobs.

   While giving notification under RBI Act (26(2))Govt allowed 52 day period to exchange the banned notes, during which serpentine queues were common infront of nationalised banks across the country .About 200 people died due to prolonged wait before the banks.Nearly 15 crore people including petty traders ,casual labourersand thosewho are working with MSMES had suffered a lot with this sudden banning.It was felt by the people that this was undertaken to create an atmosphere through which the Assembly Elections could be won by BJP especially in UP in2017, One can never forget the pressure in the banking staff ; a few died ,some had to compensate money from their pockets ,sitting for very long hours .On theother hand the Govt couldn’t achieve its objectives for banning which included,controlling black money ,terror financing ,fake currency and promotion of digitalised transactions.Is it not a fact that Govt failed to curb black money as RS 15.31 lakh crores out of estimated black money of RS 15.41 lakh crores returned to bank ?Further there was 3 fold or 260% rise in  circulation of currency in this 7 years.In this backdrop its very unfortunate to hear from the apex court that there was no flaw legally . As I know , BJP and its supporters very well know the ground reality and must never indulge in such folly in future .Yesterday’s verdict by SCwas only to see the legality and constitutionality behind the Govt’s move , not Demonetisation per se