Supreme Court orders on demonetisation of Rs 500, Rs 1000, seeks records from government and RBI

The Supreme Court on Tuesday said it has the power to examine the modus operandi of the demonetisation decision and the judiciary cannot sit with folded hands just because it is an economic policy decision.

Old 500 1000 Rupee Note

Image Credit source: India Today

Supreme Court on Demonetisation: About 6 years ago, the central government banned 500 and 1,000 rupee notes. (Central Government) had suddenly announced its closure. This Demonetization (Demonetisation) After that there was a lot of hue and cry across the country. After that the matter went to the Supreme Court. On which the Supreme Court, the Center and the Reserve Bank of India (RBI) has been directed to produce the relevant records relating to the decision of demonetization of Rs 1000 and Rs 500 currency notes of 2016. The Supreme Court has given this instruction on Wednesday during the hearing on 58 petitions challenging demonetisation.

These people appeared before the bench

While reserving its judgment on a batch of pleas challenging the Centre’s 2016 decision, a five-judge constitution bench headed by Justice S A Nazeer heard the arguments of RBI’s counsel Attorney General R Venkataramani and the petitioners’ lawyers, including Senior advocates P Chidambaram and Shyam Divan were involved.

The bench gave this instruction

During the hearing, the bench said that the verdict has been reserved. Learned counsel for the Government of India and the Reserve Bank of India are directed to place on record the relevant records. The bench also includes Justices BR Gavai, A?S Bopanna, V Ramasubramanian and BV Nagarathna. According to the report of Live Law, the bench allowed the parties to give written submissions till December 10. The AG told the bench that he would submit the relevant records in a sealed cover.

Judiciary cannot sit with folded hands

Earlier, the Supreme Court said on Tuesday that it has the power to examine the manner in which the demonetisation decision was made and the judiciary cannot sit with folded hands just because it is an economic policy decision. The court’s remarks came after the counsel for the Reserve Bank of India (RBI) submitted that judicial review cannot be applied to economic policy decisions. During the hearing, senior advocate Jaideep Gupta, appearing for RBI, apprised the court about the objective of demonetization policy to curb black money and fake currency.

Can look into the process of court decisions

Defending demonetisation, Advocate Gupta submitted that judicial review cannot be applied to economic policy decisions. Justice BV Nagaratna made it clear that the court would not go into the merits of the decision, but could examine the manner in which the decision was taken. Justice BV Nagaratna said, “Just because it is an economic policy decision, the court cannot sit with folded hands.” The court further remarked that the government has wisdom and should know what is best for the people. But, the court can look into the procedures and aspects related to the decisions.

There were long queues in front of banks

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In the hearing that lasted for nearly five hours, the court also took note of laborers and domestic helpers who were paid in Rs 500 and Rs 1,000 notes and had to stand in long queues at the bank. The RBI counsel told the court that enough opportunities were given to the people to exchange their notes.

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