Lagatar24 Desk
New Delhi, Jan 2: The Supreme Court on Monday is expected to announce a verdict on several petitions opposing the Union Government’s 2016 decision to demonetize currency bills with denominations of Rs. 500 and Rs. 1,000.
The verdict will be delivered as soon as the court reopens by a Constitution Bench composed of Justices S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian, and BV Nagarathna.
The Center’s move on November 8, 2016, has been contested by the petitions. On December 7, the supreme court reserved decisions on the 58 petitions.
It had earlier requested that records related to the 2016 demonetisation decision be brought before it in a sealed envelope by the Centre and the Reserve Bank of India.
The judiciary “cannot fold its hands and sit just because it is an economic policy decision,” it had added, adding that it had the authority to look into how the decision to demonetize was made.
When the Reserve Bank of India’s attorney argued that judicial review cannot be used to determine economic policy, the apex court made its comments. The aim of the demonetization strategy, according to the RBI, was to combat counterfeit money and black market transactions.
According to Attorney General R. Venkatramani, the economic policy of demonetisation was linked to a social policy that tried to address three evils.
