Hailed as the architect of India's economic reforms, former prime minister Manmohan Singh in one his last interviews had said in 2019 that the country's economy was 'over-regulated', the government exerted control and interferences were aplenty with even regulators having 'morphed into controllers'.
"Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
With GDP down by 2 per cent, while 99 per cent of banned notes make way back to the banking system, whom did demonetisation benefit?
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
The government has provided no official explanation behind the note ban that is backed by hard data, says Debashis Basu.
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".
The Supreme Court on Tuesday said limited scope of a judicial review in economic policy matters does not mean that the court will fold its hands and sit back, observing that the manner in which a decision is taken by the government can always be examined.
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
Wondering why the government was "celebrating" the first anniversary of the note ban on November 8, Gandhi said, "I don't know what is there to celebrate."
Opposition parties think they have until New Year's Eve to build nationwide narrative against demonetisation.
Standing committee on finance to also focus on RBI autonomy and citizen's rights.
Image used for representational purpose only. Photograph: Jayanta Dey/Reuters The Congress also said demonetisation has come a full circle and added that the Rs 2,000 note was a "band-aid to cover up the foolish decision of demonetising" Rs 500 and Rs 1,000 notes.
The Opposition on Thursday hit out at Prime Minister Narendra Modi saying his note ban decision was "reckless".
Singh will take part in an interactive session on the current state of economy with businessmen and traders during his visit.
'We need to see how quickly the industry comes out of the impact of the note ban.'
Jaitley said note ban has compelled people to deposit money into bank accounts.
Quite a few large- and mid-cap stocks are yet to recover from the note ban, pharma, banking and rural demand-based industries among laggards.
Russia says cash shortage is affecting the functioning of its embassy in New Delhi.
The Supreme Court on Tuesday constituted another five-judge Constitution bench which will hear five crucial cases including the challenge to the central government's 2016 decision to demonetise Rs 500 and Rs 1000 currency notes.
Senior bureaucrats say the government has planned a 'feel-good' Budget after the 'pain' of demonetisation.
GST was 'flawed' and had unleashed a 'tsunami of tax terrorism', he said.
The comments came in backdrop of the political crisis in Karnataka after some Congress-Janata Dal-Secular MLAs resigned and the 10 party legislators in Goa joining the BJP.
The Supreme Court will hear on October 12 a batch of pleas challenging the Centre's 2016 decision to demonetise currency notes of denomination Rs 500 and Rs 1000.
He said RSS men were planted in each ministry.
The event will be significant for the Congress and Trinamool Congress leaderships, cementing the proximity during the winter session of Parliament.
Fatorda, Belagavi, Jaunpur, Mehsana, Dehradun are on RG's itinerary.
Reserve Bank of India Deputy Governor Viral V Acharya further said that the impact of the notes ban would only be temporary and would help in bringing informal sector into the mainstream economy.
The Congress leader asked the government to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy.
Rare unanimity was witnessed as the members passed the Rights of Persons with Disabilities Bill, 2014.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," Economic Affairs Secretary Shaktikanta Das said.
Munich-based Giesecke and Devrient supplies security features to the RBI for currency notes, and machines to bank branches across the country to detect counterfeits.
Post demonetisation, there has been a hike in collection of personal income tax
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
The decision came after a storm was kicked up by the ruling party members on Thomas' statement earlier this week that the PAC can call the PM to depose on the note ban issue.
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
India's growth slowed in three months through December from a revised 7.4% expansion in the previous quarter, but it was much stronger than expected.
Union ministers fanned out across the country to highlight the crackdown on black money to mark the first anniversary of demonetisation on Wednesday which the Bharatiya Janata Party celebrated as "Anti Black Money Day" while the Congress-led Opposition observed it as "Black Day" with street protests.
He said his party wants to eradicate corruption and if "Modiji takes any step against the menace, the Congress party will lend its hundred per cent support".
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