On 8 November 2016, the Government of India announced the demonetisation of all Rs 500 and Rs 1,000 banknotes, which formed around 86 per cent of the total currency in circulation. This was done with an aim to curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.

This move was a grand failure as it led to around 100 deaths, unemployment of over 1.5 millions people, and loss of GDP by around 2 per cent.

In a historic 7-1 decision, the U.S. Supreme Court decided in Jam v. IFC that international organizations like the International Finance Corporation of the World Bank Group do not enjoy absolute immunity.

The Court’s decision marks a defining moment for the IFC – the arm of the World Bank Group that lends to the private sector. For years, the IFC has operated as if it were “above the law,” at times pursuing reckless lending projects that inflicted serious human rights abuses on local communities, and then leaving the communities to fend for themselves.

This will be the first time the US Supreme Court has addressed the scope of international organisations’ immunity.

Visit here to know all about the case.