A five-judge bank is upholding the legality of the move to demonize 86 percent of the money in circulation in the country.

The Supreme Court of India upheld the legality of the government decision in 2016 to demonetize 86 percent of the country’s cash in circulation says the decision was made in consultation with the central bank and under due process.

A five-member court of the country’s highest court delivered the ruling by a majority Monday on a series of petitions calling into question the move. One in five judges wrote a dissenting opinion.

“The … notice of November 8, 2016 has no flaws in the decision-making process,” Judge B.R. Gavai, one of four justices who concurred with the decision, said in a written opinion.

The petitioners included lawyers, a political party, cooperative banks and private individuals.

Former Finance Minister of India P. Chidambaram was among the lawyers protesting the proposal comment prohibition measure.

In November 2016, Prime Minister Narendra Modi led the shocking movement to ban 86 percent of cash in circulation to tackle undeclared “black money” and fight corruption.

But the move, commonly known as demonetization, has seriously damaged India’s cash-dependent economy. Hundreds of thousands of people lined up outside banks for days to exchange their savings for legal tender.

Despite the chaos caused, many people favored demonetization after Modi portrayed the decision as a struggle for the poor against the corrupt rich.

Some petitioners argued that the recommendation to ban or invalidate a series of notes should have come from the Reserve Bank of India, the central bank, and not from the government.

India’s main opposition party, Congress, said the Supreme Court’s decision says nothing about the impact of demonetizationwhich the party called “an extremely disastrous move”.

“The Supreme Court ruling deals with the limited issue of the decision-making process, not its outcomes,” party spokesman Jairam Ramesh said in a statement.



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