Dear Friends,

Wish you all a very happy, prosperous and eventful year 2023. The Hon’ble Supreme Court, on 2nd January, 2023, upheld the validity of the notification dated 8th, November, 2016, through which the currency notes of Rs. 500/- and Rs.1000/- were scraped. As per court the said notification cannot be termed to be unreasonable and struck down on the ground of decision – making process. However, Hon’ble Justice Nagarathna, differed with the majority judgement on the point of the Central Government’s powers under section 26(2) of the RBI, Act. As per the Hon’ble Justice Nagarathana the Parliament should have discussed the law on demonetization, the process should not have been done through a Gazette notification. Parliament cannot be left aloof on an issue of such critical importance for the country. The Apex Court was the view that “There has to be great restraint in matters of economic policy. Court cannot supplant wisdom of executive with its wisdom. “The Apex Court held that demonetization has a reasonable nexus with the objectives i.e. eradicating black marketing, terror fending, etc. sought to be achieved. It is not relevant whether the objective was achieved or not.

I have a very interesting quote of Mildred Aldrich, who in an American Journalist, lived during 1853 to 1928, passed away in France, once said “There is a law which decrees that two objects may not occupy the same place at the same time-result: two people can not see things from the same point of view, and the slightest

difference in angle changes the thing seen” This statement is correct, especially in the contest of divergence views of courts on the same issue.

In this issue of the Journal eminent professionals have contributed articles on important and relevant issues for we professionals. I am grateful to all the esteemed professionals for sparing their valuable time for the Journal.

K. Gopal,


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