“SC didn’t say demonetisation was right”: CPI(M)

New Delhi: Communist Party of India (Marxist) General Secretary Sitaram Yechury on Monday reacted to the Supreme Court’s Constitution Bench decision on demonetisation, saying the court had not declared the decision ‘right’.

“The Supreme Court only upheld the central government’s right to decide on demonetisation but did not say that demonetisation was appropriate,” said Sitaram Yechury. The Supreme Court upheld the Centre’s decision to demonetize Rs 500 and Rs 1,000 notes in 2016 after a five-judge constitution bench dismissed a petition challenging the demonetisation. The bench said that the demonetisation decision, being the economic policy of the executive, cannot be changed.

Also Read: “A slap on the wrist of BJP is welcome”: P Chidambaram on SC verdict on note ban

Speaking to ANI, Sitaram Yechury said, “Supreme Court has not said that demonetisation is correct and the dissenting judge said that the decision taken by the government should have been taken by the Reserve Bank of India (RBI), but the opposite happened here. And the government sought an opinion from the RBI. If the government wants to take demonetization decision then it is wrong to bypass parliament. Parliament’s opinion was required and the dissenting judge’s decision is correct.
On the impact of demonetisation, the CPI(M) said that it had ruined India’s economy. “Millions of people working in the informal sector are stuck, they have not recovered till date. Small factories, especially MSMEs (Micro, Small and Medium Enterprises) and small scale industries remain closed today,” he added.
He further reiterated the purpose and promise for which demonetisation was introduced in the country and alleged that no target has been achieved by the government.

“Demonetisation was done to bring back black money and promise to pay Rs 15 lakh to everyone and stop fake currency. Even the Rs 2000 note is no longer functional as counterfeit currency has proliferated. He promised that terrorism will be reduced, look at what is happening in Jammu and Kashmir today,” Yechury added.

“The government has not fulfilled any of its promises during demonetisation and the economy has been devastated,” he added.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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