SC Verdict on Demonetisation: Supreme Court will give verdict on ‘Demonetisation’ today, two different decisions likely to come
Demonetisation Verdict: The Supreme Court heard the arguments of the counsel for the RBI and the counsel for the petitioners during the hearing on the petitions filed against demonetization. Attorney General R Venkataramani presented arguments on behalf of RBI in the Supreme Court. At the same time, senior Congress leaders and advocates P Chidambaram and Shyam Dewan appeared on behalf of the petitioners.
New Delhi: A five-judge constitution bench of the Supreme Court will pronounce a verdict on the petitions challenging the ‘Verdict on Demonetisation’ today. In 2016, the central government decided to demonetize Rs 1,000 and Rs 500 notes. A constitution bench headed by Justice SA Nazeer, who is due to retire on January 4, will pronounce the verdict in the case. Earlier on December 7, 2022, the court had directed the Center and the Reserve Bank of India (RBI) to produce relevant records relating to the 2016 decision of the government and reserved its judgment. The Constitution Bench of the Supreme Court also includes Justices BR Gavai, AS Bopanna, V Ramasubramaniam, and BV Nagaratna.
The court heard the arguments of the counsel for the RBI and the counsel for the petitioners during the hearing on the petitions filed against demonetization. Attorney General R Venkataramani presented arguments on behalf of RBI in the Supreme Court. At the same time, senior Congress leaders and advocates P Chidambaram and Shyam Dewan appeared on behalf of the petitioners. Terming the demonetization of Rs 500 and Rs 1,000 currency notes as seriously flawed, Chidambaram argued that the government cannot initiate any resolution relating to legal tender on its own, it can only pass the approval of the Central Board of the RBI. Can only be done on a recommendation.
The government had opposed the Supreme Court’s attempt to revisit the 2016 demonetization exercise, saying the court cannot decide a case that leaves no remedy for relief. It is like trying to ‘turn back time’ and ‘bring a cracked egg back to its old form’, which is not possible at all. The RBI, in its reply to the apex court, had accepted that the demonetization decision had caused some ‘temporary difficulties’ for the people, but it was also an integral part of the nation-building process.
The RBI also told the Supreme Court that a mechanism was also put in place to solve the problems faced by the people due to the decision. In an affidavit, the Center had told the apex court that the demonetization exercise was a ‘well thought out decision and part of a larger strategy to tackle the menace of fake currency, terror funding, black money, and tax evasion. The Supreme Court was hearing a batch of 58 petitions challenging the demonetization exercise announced by the Center on November 8, 2016.
