Economic Gamble or Policy Catastrophe? A Dark Look into Demonetization: Vivek Narayan Sharma v. Union of India (2023)

– Ayushi Singh and Rohini Satish Patil

Abstract

This paper aims to examine the economic effects of demonetization in 2016, paying particular attention to the ruling of the Supreme Court of India in the case of Vivek Narayan Sharma v. Union of India in 2023. The analysis will address the legal and economic implications of the Supreme Court’s ruling as well as the historical background of demonetization in India and its short- and long-term economic effects. The paper aims to present an all-encompassing perspective on this momentous occasion in India’s economic history by drawing comparisons between the Indian experience and other demonetization cases worldwide. To that extent, this paper is of particular relevance to the intersection of law and economics, as it deals with the interaction between policy decisions on the part of the government and the legal basis underpinning such decisions and the resultant economic effects. The impact of demonetization is one such policy tool on the economy, legal systems, public government, and so on. In the present case, this study makes an effort to understand how judicial interpretations and rulings influence economic policies and their consequent effects by carefully analysing the judgment of the Supreme Court.

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The authors are students of Gujarat National Law University.