Who Owns The Money: The State Or The Person

Soumyadip Chakraborty, OP Jindal Global University

ABSTRACT

This comprehensive research paper seeks to unravel the complex question of who truly owns money, with a specific emphasis on the Indian context. We explore the legal and philosophical aspects of money ownership, using ideas from prominent thinkers such as B.R. Ambedkar and John Locke. We clarify these ideas even further by looking at examples involving Indian property law. Furthermore, we investigate how the Indian demonetisation of 2016 represents the relationship between the state and the individual concerning monetary possession.

Introduction

The concept of money ownership is a cornerstone of modern economies, bearing profound philosophical and legal implications. This research paper delves into the philosophical and legal aspects of money ownership, anchored in the Indian context. It highlights Indian property law cases to illustrate the complex relationship between the state and the individual in the realm of monetary ownership. Additionally, we examine how the 2016 demonetisation in India showcased the dynamics of money ownership. The history of money demonstrates that the thing does not need to be made of valuable materials. Mere paper is enough to take the mythical power of money institutionally1. It's interesting to note that no tangible substance is required for the object in rights in rem. Natural rights theorists established the legal notion of property as a right in rem, basing its reconstruction on Roman law (Graeber 201, 206). Property in the context of natural rights philosophy encompasses both immaterial and material characteristics. All the attributes of a person including labour, body, and liberty - are treated as res (thing) which the person can own and transfer to other persons.