The Supreme Court on Friday termed country’s current currency crisis as ‘a serious issue’ and criticised the government for not doing enough to deal with the situation with efficiency. Expressing concern about centre’s plea for a direction which will prevent any other courts in the country to entertain petitions challenging the government’s notice of demonetising the 500 and 1000 rupees notes, the Supreme Court said the process requires consideration.
To add to the frustration of the never ending ATM queues and everlasting waiting sessions outside the banks and post offices, the death toll of the victims of government’s new found economic policy have reached 55 till Friday morning.
This ‘radical new beginning’ for curbing black money market has otherwise been churning out serious repercussion from all the sectors of the society. People who have been struggling to get their currencies exchanged to pay for their daily staples, transportation, medicine and other quintessential purposes are even more disturbed to get the return in one rupee coins as well as in 2000 rupee notes, both of which warrants extreme difficulty in daily usage. This doesn’t stop here, the daily revise of cash withdrawal guidelines are making the procedure more and more confusing.
“Some measures are required. See the kind of problems people are facing”, said Chief Justice T S Thakur and Justice A R Dave. The anxiety of the general population reflected in the statements of the highest court of the country, “People are affected and they have the right to approach the courts. People are frantic. There may be riots.”
The court has clearly declined to put any restrictions on the numerous pending petitions in many of the high courts of the country challenging the decision of demonetising of Rs 500 and Rs 1000 notes. The bench has asked both the parties to be ready with necessary data and other facts in writing.
Defending the plea by the centre, Country’s one of the most prominent law officer, Attorney General Mukul Rohatgi explained that the necessary steps to ease the procedure has been already taken. The queues outside the ATMs are getting shorter and it’s only a matter of time before the situation gets normalised.
“People have to go to the high court. If we shut them from going to the high court, how can we know the magnitude of the problem? People going to different courts indicate the magnitude of the problem,” argued the judges against the centre’s plea.
The hearing has been adjourned till November 25th, the court even intimated that it is to move the pending petitions in various high courts to Delhi high court.
The government’s sudden and radical economic move to trash Rs 500 and Rs 1000 notes has led us to a near limbo situation where 86% of all the cash in the country’s economy comprises of Rs 500 and Rs 1000 notes. The ‘radical step’ is sure to impact India’s nearly all cash economy heavily. Will it be a surprise or a shock is the question.