Court can declare, RBI bankrupt and demonetization illegal

By : Hem Raj Jain

Dear Editor Sub:- Without Rule-of-law gullible Hindu majority India can’t even survive, what to talk of progress. Unlike Christians and Muslims and like Chinese the Hindus have only one country, India. If Hindu majority India becomes politically untenable then Hindus will be obliterated from the face of the earth. Indians should not forget that Britishers made India what India is today and Britishers could keep India under one political authority through Rule-of-law (major laws like IPC, CrPC, IPC, Evidence Act etc enacted by Britishers have been mainly responsible for administering India even till date). If India gives good-bye to Rule-of-law then it is bound to endanger even survival of India. Moreover modern form of democracy (introduced by Britishers in pre-partition India) can be run properly only by those people who have moral courage to punish the guilty government / State functionaries who assault the rights of the people. Notwithstanding ‘Ab-tak 56’ syndrome being promoted these days by and for gullible Indians about this illegal demonetization, the Indians will be taken as unfit for democracy if they do not move Court not only:- (i)- To get demonetization declared illegal and get it stopped but also (ii)- To get punished the constitutional & other authorities [Supreme Court (after impeachment, which has allowed further killing and harassment of Indians despite enforceable fundamental rights to life etc under Article 32 of the Constitution), NHRC, President (after impeachment), PM , Cabinet, RBI etc] for killing and harassing / torturing the people without sanction of law as mentioned at:- Here it is important to understand that the Government of India (GOI) and its political and other defenders are spreading a canard that under Section 26 (2) of Reserve Bank of India Act this demonetization and after that whatever GOI is doing is legal, but in reality it is wrong. The Section 26 (2) of RBI Act reads as – “On recommendation of the Central Board the [Central Government] may, by notification in the Gazette of India, declare that, with effect from such date as may be specified in the notification, any series of bank notes of any denomination shall cease to be legal tender [save at such office or agency of the Bank and to such extent as may be specified in the notification]”. In Section 26 (2) of RBI Act - “and to such extent as may be specified in the notification” - is most important. If RBI or its office or agency (like Post Office and Banks) refuse to exchange the old notes with new notes by saying that there is no currency available (as per extent or limit say Rs 2,000 or 4,000 per day etc specified in the notification) then Court can declare RBI (through its office or agency) as Bankrupt (because it is unable to repay outstanding debts) and can declare such ‘Immediate-cutoff-demonetization’ illegal. [Because this extent, as specified in the notification, when un fulfilled (that too and especially regarding currency) would violate constitutional fundamental right of life & liberty of the people under Article 21 and also the constitutional right to property under Article 300A which says no person shall be deprived of his property (currency etc) save by authority of law]. The observation on November, 18 by Supreme Court of India - that if situation (about availability of currency at Post offices and Banks) does not improve then there may be riots - is precisely the situation where SCI can declare RBI bankrupt and declare this demonetization [where Rs 500 and 1,000 notes were cutoff (denied as legal tender) at the notice of 4 hours in the night], illegal. Therefore India should give proof that it is not unfit for democracy and should revert back to Rule-of-law and should bring on-going financial anarchy (brought-about by illegal demonetization which has killed people and has disturbed / threatened the lives & liberty of innocent 99 % of ~ 1.3 Billion Indians) to an end, if Hindu majority India wants to survive politically. Regards Hem Raj Jain (Author of ‘Betrayal of Americanism’) Bengaluru, India

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