Supreme Court verdict on pleas against demonetization today
Supreme Court verdict on pleas against demonetization today

NEW DELHI: Supreme Court Constitution bench led by 5 five-judge panel  will today, January 2, deliver its judgment on a bunch of petitions which had challenged the Union government’s November 8, 2016 decision to demonetise Rs 500 and Rs 1,000 currency notes. The constitution bench comprising Justice S Abdul Nazeer, Justice BR Gavai, Justice AS Bopanna, Justice V Ramasubramanian and Justice BV Nagaratha will deliver the judgement at 10.30 am today

.All 58 pleas are enlisted for judgment on today before a bench of Justices S Abdul Nazeer, BR Gavai, AS

The majority of petitions questioned the legality of demonetisation, while some called for a new window to swap cash that had been withdrawn but could not be exchanged by the deadline.Justices B R Gavai and B V Nagarathna will each issue a separate ruling in the case, according to the high court's cause list from Monday. It is uncertain whether the two opinions will accord or differ.

Justices A S Bopanna and V Ramasubramanian round out the five-judge panel, in addition to Justices Nazeer, Gavai, and Nagarathna.The top court reserved judgement after ordering the Centre and the Reserve Bank of India (RBI) to record all pertinent documents pertaining to the government's 2016 decision.The court heard the arguments of Attorney General R. Venkataramani, the RBI's counsel and the petitioners' lawyers, including senior advocates P. Chidambaram and Shyam Divan.

Chidambaram had said that the government cannot on its own launch any proposal relating to legal tender, which can only be done on the suggestion of the RBI's central board. He had called the elimination of the Rs. 500 and Rs. 1,000 currency notes extremely defective.

Challenging the apex court's attempt to revisit the 2016 demonetisation exercise, the government had said the court cannot determine a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".

During proceedings from November 24 to December 7, the bench made overt allusions to the possibility that the government's decision to demonetize might not be reversed because the clock cannot be turned back after five years. However, it had stated that the detailed justifications put forward by the petitioners and the government with regard to various aspects of the procedure and sections of the RBI Act might persuade it to establish rules for similar activities in the future.

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