More than 6 years after the Narendra Modi government announced the demonetisation of ₹500 and ₹1,000 notes, the Supreme Court validated the decision.
Pronouncing the verdict on 2 January 2023, the top court said that the demonetisation exercise satisfied the test of proportionality, and the period of 52 days given for exchange of notes was reasonable.
While 4 judges in the 5-judge bench endorsed demonetisation, Justice BV Nagarathna dissented, saying that the note ban could've been implemented through an act of Parliament, and not by the government.
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