ISSUE:
Whether the 8th November, 2016 notification was properly implemented under Section 26(2) of the RBI Act,1934 by the Central government, and whether its continuation meets the test of proportionality?
Whether the word “any” in section 26(2) of RBI Act 1934 should be given a narrow or a wider interpretation?
Whether excessive delegation of legislative power has been made under section 26(2) of the RBI Act,1934?
Whether the notification’s implementation suffers from procedural or substantive unreasonableness, and what is the scope of judicial review in fiscal and economic policies like demonetization?
RULE:
An interpretation that advances the purpose of the Act and ensures its smooth and harmonious working should be adopted. Any interpretation leading to absurdity, confusion, contradiction or undermining the basic scheme and purpose of the enactment, must be avoided.
The primary task of the Court in interpreting a statute is to ascertain the intention of the legislature, both actual and imputed.