A Constitution bench on 19.10.2022 questioned about the details of terror funding, black money and fake currency seized during demonetization while hearing 58 petitions challenging demonetization.
Court Questioned despite the government urging not to waste judicial time on the issue. Solicitor-General Tushar Mehta questioned the very maintainability of the case which concerned a economic policy. However. Chidambaram representing the petitioner said The cabinet took an instantaneous decision to clear the withdrawal and PM announced it on TV. Is it reasonable decision making Process.
After learning all this, Does this Question not arise “whether Demonetization was necessary ?”, Even Experts like Raghuram Rajan had different opinion on this sudden Cash Ban. Raghuram Rajan in his book “I do What I do” mentioned the damage the unprecedented Cash Ban would Cause to India’s economy. Rajan Writes in his book on the Plan of Demonetization “ Although there may be long-term benefits. I felt the likely short- term economic costs would outweigh them, and felt there were potentially better alternatives to achieve the main goals,”
Its time, Government Should introspect and put the details of this exhaustive exercise in Public Domain. Nation has all the right to Know What did We gain from Demonetization. Was the Purpose of Putting Brakes on of terror funding, black money and fake currency achieved and if it was achieved to what extent or Was Mr. Rajan right and Economic costs outweighed the benefits.
If you have any doubts, Pls let me know