On Monday, a five-judge Constitution bench of the Supreme Court delivered its judgment on a bunch of petitions that challenged the validity of the Modi government’s November 2016 decision to demonetise Rs 500 and Rs 1,000 currency notes. Supreme Court Big judgement on Centre Note Ban Decision.
The top court upheld the government’s decision and dismissed the petitions. The Supreme Court is likely to give its verdict today on petitions challenging the centre’s decision of November 2016 to ban Rs 1,000 and Rs 500 currency notes. Rs 10 lakh crore was wiped out of circulation overnight because of the move.
Fifty-eight petitions were filed in the Supreme Court challenging the notes ban, arguing that it was not a considered decision of the government and should be struck down by the court. The government has argued that the court cannot decide a matter when no tangible relief can be granted. It would be like “putting the clock back” or “unscrambling a scrambled egg”, the centre said.
A five-judge Constitution bench headed by Justice SA Nazeer heard the arguments before its winter break and on December 7, suspended the verdict. The other members of the bench are Justices BR Gavai, BV Nagarathna, AS Bopanna and V Ramasubramanian. Justice BR Gavai and Justice BV Nagarathna have authored two separate judgments, it’s learnt.
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The centre said the demonetisation was a “well-considered” decision and part of a larger strategy to combat the menace of fake money, terror financing, black money and tax evasion. Former Union Minister and senior advocate P Chidambaram argued that the centre has not examined alternate methods to control fake currency or black money.
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