Centre Empowered To Demonetise 'all' Series Of Bank Notes

English News 02 Jan 2023 19

The Supreme Court said the Centre is empowered to demonetise 'all' series of bank notes..

The Supreme Court said on Monday the Centre is empowered to demonetise 'all' series of bank notes under Section 26(2) of the RBI Act.

A five-judge Constitution bench headed by Justice S A Nazeer, which upheld the Centre's 2016 demonetisation of Rs 1,000 and Rs 500 currency notes by a 4:1 majority verdict, said a statute must be construed having regard to the legislative intent.

"The power available to the Central Government under sub-section (2) of Section 26 of the RBI Act cannot be restricted to mean that it can be exercised only for ‘one’ or ‘some’ series of bank notes and not for ‘all’ series of bank notes.

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