A five-judge Constitution bench dismisses a group of petitions opposing the Centre’s decision to demonetize the Rs. 500 and Rs. 1000 notes in 2016 and rules that the Executive’s economic policy cannot be changed as a result of the decision.
According to the Supreme Court, there were talks between the RBI and the Center before demonetization.Supreme Court: We hold that demonetisation was not affected by law of proportionality. There was a justifiable nexus to bring such a policy. Justices A S Bopanna and V Ramasubramanian round out the five-judge panel, in addition to Justices Nazeer, Gavai, and Nagarathna.
Source : Live law 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.It had stated that it had the authority to look into how the decision to demonetize currency had been made, adding that the judiciary could not simply sit back and do nothing because it was an economic policy choice. When the Reserve Bank of India’s attorney argued that judicial review cannot be used to determine economic policy, the highest court made its comments.
