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Constitutionality of the Process of Demonetisation: A Study

Assistant Professor, Room No. 480, School of Law, Christ University, Hosur Road, Bengaluru, Karnataka- 560029 , Diganta Biswas

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Indian Journal of Law and Human Behavior 3(1):p 35-44, January - June 2017. | DOI: http://dx.doi.org/10.21088/ijlhb.2454.7107.3117.6

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Abstract

The French were the first to use the word Demonetize in the years between 1852. By demonetization former money is no longer legal tender,although in certain cases it may still be used as money of exchange i.e.,the actual metallic value may sometimes be accepted in discharge of indebtedness. The preamble of the Constitution guarantees economic justice to its people in the words to secure to all its citizens: Justice, social, economic and political. The concentration of wealth is the antithesis to the idea of economic justice. The issue of demonetisation may be examined in the context of the concentration of wealth as enshrined into the Part- IV of the Constitution of India.The Constitution of India states that the State shall, in particular, direct its policy towards securing the operation of the economic system does not result in the concentration of wealth and means of production to the common detriment. Further, Art 39(b) states that the State shall, in particular, direct its policy towards securing the ownership and control of the material resources of the community are so distributed as best to subserve the common good. This Paper aims at examining the constitutionality of the process of demonetisation in India.

Keywords: Constitution; Demonetisation; Common Good; Economic Justice; Concentration of Wealth.
 

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DOI: http://dx.doi.org/10.21088/ijlhb.2454.7107.3117.6

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