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SC reserves order on pleas challenging demonetisation of Rs 500 and 1000 notes Demonetisation

SC reserves order on pleas challenging demonetisation of Rs 500 and 1000 notes

India Blooms News Service | @indiablooms | 07 Dec 2022, 11:59 pm

New Delhi/UNI: The Supreme Court on Wednesday reserved judgement on various petitions challenging 2016's decision of the central government to demonetise the old notes of Rs. 500 and Rs. 1000.

A five-judge bench of Justices Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna reserved the order after the parties concerned concluded their arguments.

The Constitution Bench of the Supreme Court asked the Centre and Reserve Bureau of India (RBI) to place before its relevant records pertaining to the decision.

The court asked the parties concerned to file their written submission by Saturday.

The apex court was hearing petitions relating to challenging the Centre's decision to demonetize currency notes of Rs. 500 and 1,000 in 2016.

Earlier, the Centre, in its affidavit filed in the Supreme Court, defended its decision to demonetise Rs 500 and 1,000 currency notes in 2016 as it said that it was a major step to fight the menace of fake currency notes, terror financing, black money and tax evasion.

The Centre, in its affidavit filed in the Supreme Court, said that it was a part of a larger strategy for combating the menace of fake money, terror financing, black money and tax evasion, but not confined to them alone.

"It was an economic policy decision exercised in accordance with powers conferred by an Act of the Parliament (RBI Act, 1934), in conformity with the provisions of the said Act and was subsequently affirmatively taken note of by the Parliament in the Specified Bank Notes (Cessation of Liabilities) Act, 2017," the affidavit said.