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
For the last 11 years, Nehru has been constantly blocking my efforts and causing the fiascos that are my many yojanas and abhiyans. He is the reason most of my initiatives turn into disasters.
India’s industrial output growth saw a 10-month low in June, with Index of Industrial Production (IIP) growing by mere 1.5% as against 1.9% in May 2025.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
COMMENTS