Bengaluru: Observing that a laudable act like demonetisation cannot be achieved without imposing certain restrictions, the Karnataka High Court on Tuesday dismissed petitions filed by several credit-cooperative societies questioning restriction imposed on them from withdrawing more than Rs. 24,000 per week from their accounts in the District Central Cooperative Bank (DCCB).
Justice Ashok B. Hinchigeri passed the order while dismissing petitions filed by Badagubettu Credit Cooperative Society Ltd and other societies from Udupi district.
“In the larger interests of society, when a comprehensive mission is being accomplished, certain measures during the period of transition are bound to affect the interests of some sections of the people. There cannot be any dispute that the collateral damage, if any, on any section, is to be minimised, if it cannot be avoided,” the court observed.
Stating that the steps needed to be taken and the time frame are a matter for the central government and RBI to decide, the court said.
Pointing out that the menace of black money, fake currency and terrorism are hydra-headed monsters, the court said stamping them out is indeed a Herculean task and it is next only to impossible for any policy-maker or decision-maker to anticipate all the difficulties and contingencies.
“As and when the difficulties are notified in the course of implementing the policy, necessary remedial measures have to be taken,” the court added.
The petitioner societies support demonetisation, but contended that they were unable to serve their individual account holders, who are farmers and small traders, who require funds for their daily operations.
