SC only looked into legal, technical aspects of demonetisation, says Kerala FM

Kerala Finance Minister K N Balagopal on Monday said the Supreme Court verdict upholding the Centres 2016 decision to demonetise the Rs 1000 and Rs 500 denomination notes only looked into its legal and technical aspectsThe minister said practically the economic and social impact of the Union governments decision was very serious and was detrimental to the growth of various sectors the minister saidIt ruined for some time many areas of the economy he told PTI He said the serious impact that demonetisation had on Indias social and economic growth has been proved in the studies by various economists and financial experts The economic growth was affected Many sectors growth was detrimentally impacted by demonetisation he saidEarlier speaking to reporters after the verdict was delivered the minister said that the apex court only examined the legal aspects of the decision making process but the fact remains that the adverse impact of demonetisation on the commercial service agriculture and various other sectors was continuingThere is no solution in the verdict to the financial crisis that resulted out of it demonetisation Balagopal said Its impact would also be seen in the future he addedAlso read 50 lakh jobs lost after note ban youth worst hitHe further said that there was also difference in views among the judges of the Constitutional bench which delivered the verdict as one of them said that demonetisation ought to have been done by way of legislation The minister said that the Centre in 2016 took the decision to demonetise the two denominations to address the issue of black money and its use in terrorist activitiesHowever 99 per cent of the currency issued in those two denominations came back to the RBI Therefore what the central government sought to achieve never happened he contendedBalagopal said that was one of several decisions taken by the Centre under the BJPs leadership that have adversely affected the states and the general publicAfter demonetisation they are now going forward with monetisation to sell off the public sector undertakings and enterprises he contendedMeanwhile former Kerala Finance Minister Thomas Isaac said the apex court upholding the Centres decision does not make it demonetisation a less Himalayan blunderHe contended that demonetisation torpedoed Indias 8 per cent growth and resulted in a national GDP loss of nearly Rs 15 lakh croreSCs majority decision that demonetisation was legal does not make it a less Himalayan blunder that torpedoed Indias 8 per cent growth resulted in a national GDP loss of nearly Rs 15 lakh crore and horrendous suffering to the people Those responsible shall be tried in peoples court Isaac tweetedThe Supreme Court in a 41 majority verdict on Monday upheld the governments 2016 decision to demonetise the Rs 1000 and Rs 500 denomination notes saying the decisionmaking process was not flawedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever