New Delhi: The Supreme Court will deliver its verdict on January 2, 2023, over a batch of petitions challenging the Central government's decision to demonetise Rs 500 and Rs 1000 notes in 2016. 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 on January 2.
The court had heard the matter in detail for days together before the winter vacation and reserved its verdict on it on December 7. The court asked the Centre and Reserve Bank of India (RBI) to give all relevant documents regarding the 2016 demonetisation policy in a sealed envelope.
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Petitioners had opposed the demonetisation policy calling it "deeply flawed" and had prayed to the court for directions to strike it down. The petitioners argued that it made a mockery of rule of law. The Central government contended that its decision was for long-term benefits to the country and it can not be compared with short-term hardships faced by the people.
"If seen from a larger perspective of economic and social benefits, it can't be said that demonetisation failed," the Centre argued. It said that demonetisation helped in removing fake currencies and black currency from the system. The top court's remarks came when the Reserve Bank of India counsel made the submission that judicial review cannot apply to economic policy decisions.
The RBI told the apex court about the objective of the demonetisation policy to curb black money and fake currencies. Attorney General R Venkataramani defended the demonetisation policy and said that larger benefits brought to the economic system on one hand and one-time hardship faced by people is incomparable.
