#SupremeCourt Constitution Bench led by Justice S Abdul Nazeer to continue hearing pleas challenging the 2016 demonetisation of Rs 500, 1000 currency notes.
#demonetisation #SupremeCourtOfIndia
#demonetisation #SupremeCourtOfIndia
Senior Advocate Shyam Divan begins his rejoinder submissions.
Divan: I am supplementing Mr (P) Chidambaram's submissions. Have to have regard to the entire scheme of the RBI Act. 26(2) is an administrative power in exercise of executive functions. Please read all provisos ...
Divan: I am supplementing Mr (P) Chidambaram's submissions. Have to have regard to the entire scheme of the RBI Act. 26(2) is an administrative power in exercise of executive functions. Please read all provisos ...
Divan: ... together, but it does not need to be propelled. In 26(1) there are two distinct concepts, it says 'shall be legal tender'.
[Reads from pleadings]
#Demonetisation
[Reads from pleadings]
#Demonetisation
Divan: Recommendation of Central Board (of RBI) a necessary requirement to exercise 26(2), it is a precondition. There has to be a recommendation as per the scheme. The Central govt guarantee subsisted till 8th November, and later there was no question of enforcing this guarantee
Divan: Then govt was good to its guarantee by providing for an exchange. If there was no statute the guarantee would continue
Justice Ramasubramanian: the promisor is the RBI and the guarantor is the Central govt, whose liability is co extensor.
Justice Ramasubramanian: the promisor is the RBI and the guarantor is the Central govt, whose liability is co extensor.
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