Black Money: Demonetization done to attack black money failed in its objective. Supreme Court judge Justice BV Nagarathna raised questions on the Supreme Court's decision on demonetization and said that if 98 percent of the money came back into the system, then what was the benefit of demonetization. How did this reduce black money? I feel that this step has helped in converting black money into white. Apart from this the common man had to face troubles. There are question marks on the decision of demonetization.
How black money was eliminated due to demonetization
Justice Nagarathna, speaking at Nelsar University, said that after demonetisation, about 98 per cent of the currency in the system came back to the Reserve Bank of India (RBI) in some way or the other. In such a situation, how can demonetization be considered successful? How could we eliminate black money with this decision? We do not have any information about what action the Income Tax Department took after this. We only saw people getting upset while standing in queues. This shocked us and inspired us to protest.
Justice Nagarathna had opposed the decision
In the year 2023, the constitutional bench of the Supreme Court led by Justice Abdul Nazeer had given a 4-1 verdict in favor of demonetization. Justice Nagarathna had opposed this decision. He had said that RBI took such a big action in just 24 hours. Some people even claim that even the Finance Minister was not aware of this hasty decision.
The conflicts between governors and governments are a matter of concern
Justice Nagarathna said that the disputes between the state governments and the Governor are not right from the point of view of the Constitution. Governor is a serious constitutional post. The Governor should work according to the Constitution. In recent times, many such controversies have come to light in Tamil Nadu, Kerala, Telangana and Punjab.
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