Section 26(2) of Reserve Bank of India Act allows central govt to declare any series of bank notes of any denomination illegal tender after a recommendation from central board of RBI.
The government's order was being declared unlawful “only on a purely legalistic analysis of the relevant provisions of the Act and not on the objects of demonetisation”, she says.
An SC bench upholds Modi govt's 2016 decision to ban Rs 500 & Rs 1,000 currency notes with 4:1 majority. Says demonetisation notification passed test or doctrine of 'proportionality'.
Replying to a question in the Lok Sabha, finance minister Nirmala Sitharaman said both the volume and the value of notes in circulation have steadily gone up since the 2016 note ban
P. Chidambaram had argued that the Union cannot on its own initiate any proposal relating to legal tender which can only be done on the recommendation of the RBI's central board.
In an affidavit submitted to the SC, govt said the policy helped the workforce in the ‘predominantly cash-based’ informal sector to be integrated into the formal financing system.
Data show withdrawals from ATMs have remained largely the same since lockdown was lifted, while UPI payments ballooned — signs of behavioural change, even as currency in circulation goes up
Ventures by Japan, South Korea and Taiwan illustrate how the race for REE security is accelerating, powered by both geopolitical tension and industrial strategy.
ThePrint had previously reported that India & Russia are talking about 5 more regiments of the S-400, but no contracts are to be signed during the Russian president's visit.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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