demonetization, Verdict, Supreme Court
The constitutional bench of the Supreme Court has to pronounced today on 2nd January its verdict on several petitions filed against demonetization which was come in to effect on October 2016.
In 2016, the Modi government had decided to demonetize the Rs 1,000 and Rs 500 notes. Several petitions were also filed in the Supreme Court against that decision of the government.
A five-judge constitution bench headed by Justice Abdul Nazir had reserved its verdict on December 7, 2022, after hearing the matter. While hearing the matter on December 6, the Supreme Court had asked the Center and the RBI that the limited scope of judicial review in matters of economic policy does not mean that the court will sit with folded hands.
During the hearing of the case, the counsel for the Reserve Bank said that elaborate measures were taken to increase the flow of money again in the economy. It was the contention of the petitioners that the citizens had to face immense difficulties during demonetization.
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