Demonetisation verdict: Congress leader P Chidambaram reacts to SC decision

Former Union Finance Minister P Chidambaram on Monday said the majority verdict by the Supreme Court has steered clear of the question whether the objectives of the demonetisation exercise were achieved at all.

The 'minority' judgement pointed out the 'illegality' and the 'irregularities' in the demonetisation, Chidambaram said on Monday soon after the apex court made its verdict.

"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," the senior Congress leader said in a tweet.

"In fact the majority has steered clear of the question whether the objectives were achieved at all," he said.

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"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," he noted.

The dissenting judgement would rank among the famous dissents recorded in the history of the court, he pointed out.

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 S A Nazeer, said.