Supreme Court reverses demonetisation ruling, seeks records from RBI and Centre

The Supreme Court sought pertinent information on the government's move to demonetize the Rs. 1000 and Rs. 500 notes in 2016 on Wednesday, December 7. The Center and the Reserve Bank of India (RBI) were urged to comply.

Attorney General R. Venkataramani, RBI's attorney, the petitioner attorneys, including senior attorneys P. Chidambaram and Shyam Divan, testified before a five-judge constitution bench, which reversed its arguments after hearing their arguments. Justice S.A A. Nazeer served as the bench's chief.

"Reserved judgment after hearing. It is mandated that the Reserve Bank of India and the Union of India's learned counsel present the pertinent records "According to PTI, the bench also included Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna.

Supreme Court reserves judgement on various petitions challenging 2016's decision of the Central Government to demonetise the old notes of Rs 500 and Rs 1000. Supreme Court says "judgement reserved". pic.twitter.com/BiLCowbYgJ

— ANI (@ANI) December 7, 2022

The attorney general testified before the bench that he would provide pertinent records under a sealed cover. A group of 58 petitions contesting the demonetisation initiative announced by the Center on November 8, 2016, were being heard by the top court.