New Delhi: Prime Minister Narendra Modi on November 8, 2016, announced the demonetization of Rs 1,000 and Rs 500 notes. The Supreme Court is going to give its verdict on January 2 on the petitions challenging his decision. The verdict will be pronounced by a five-judge Constitution bench headed by Justice SA Nazeer.

According to the report, the apex court had on December 7 directed the Reserve Bank of India (RBI) to preserve records related to the government's 2016 decision. The bench also includes Justices BR Gavai, AS Bopanna, V Ramasubramanian, and BV Nagarathna. The same bench heard the arguments of RBI counsel, including senior advocate and Congress leaders P Chidambaram and Shyam Divan, and attorney general R Venkataramani, the petitioners' lawyers.

Meanwhile, Congress leader and senior advocate P Chidambaram had termed the suspension of 500 and 1000 rupee notes as seriously flawed. He had argued that the government cannot initiate any proposal related to legal tender unless recommended by RBI's central board. Now the Supreme Court is going to give its verdict on this matter. However, was demonetization in 2016 right or wrong? Now after 6 years, what will be the impact of this decision, it will be worth seeing.

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