India’s top court says the government’s surprise decision in 2016 to demonetize high-value bills was legal and taken after consultation with India’s central bank.
FILE- An Indian woman shows discontinued Indian currency notes and copy of photo identity card as she stands in queue outside Reserve Bank of India to deposit and exchange them in Ahmedabad, India, Nov. 17, 2016. In November 2016, India withdrew all 500-rupee and 1,000-rupee from circulation, in an effort to tackle corruption, black money and tax evasion. Indias top court hearing petitions challenging the currency ban on Monday, Jan.2.
Justice BV Nagarathna, however, gave a dissenting judgment, calling the decision “unlawful" and “an exercise of power, contrary to law." She said the currency ban could have been carried out through an act of Parliament, not by the government. According to the Centre for Monitoring the Indian Economy, a Mumbai-based research firm, India lost 3.5 million jobs in the year following demonetization.
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