According to the general present petitioners, the demonization occurred largely in violation of the constitution and the Reserve Bank of India Act, 1934, which governs legal tender and the issuance and withdrawal of notes. With a few advertisements telecasted on the television announcing 2016, the demonetization of Rs. 500 and Rs. 1000 notes, the illegal tenders were declared. To abolish several acts, this decision has come into effect for all the people of the country.
This demonetization initiative had a significant impact on up to 86% of the country’s population. In a cash-dependent country like India, most people who rely on cash for their daily routines faced a major attack for survival. Lots of people across the country were dead from not meeting their daily monetary needs. Returning to the arguments that occurred in government departments, this function occurred solely to focus the black money wiping out in order to pay the actual taxes with the government of India. Few people approached the courts and claimed that it was invalid to carry forward with this kind of process under the respective government’s rule because it was causing losses to all the individuals in the country.
However, the Apex Court justice came forward and stated that the demonetization is not causing the least inconvenience to the public. Presently, the government of India informed that the demonetization will not be happening again for now, for a question asked by the Congress’s Rajya Sabha MP. Rajeev Shukla, the finance ministry, said it is the government’s policy to move towards a less cash-based economy and digital payment ecosystems.
With reference to the above, the government, in consultation with the Central Bank of India, decides the volume of bank notes to be printed annually based on the requirements of the country, and for now there have been no such plans for demonetization.
