Updated: Wed, 28 Sep 2022 07:27 AM IST
A Supreme Court constitutional bench will hear the pleas challenging the Government of India's decision to demonetise currency notes of Rs 500 and Rs 1000 on Wednesday, September 28. A five-judge Constitution bench headed by Justice Abdul Nazeer will hear the pleas after a wait of six long years. Other judges on the bench include Justices BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna.
In 2016, Prime Minister Narendra Modi in a televised address announced ‘demonetisation’ to take out black money from the country. In line with the same, he declared that high denomination notes of Rs 500 and Rs 1000 will no longer be legal tender from midnight. PM Modi also announced the introduction of the new notes of Rs 500 and Rs 2000.
Soon after the announcement, various petitions were filed arising from the decision of the Government of India to demonetise the old notes of Rs 500 and Rs 1000. The petition filed by Vivek Narayan Sharma challenged the notification dated November 8, 2016.
The court will deal with issues of whether the notification dated November 8 2016 is ultra vires Section 26(2) and Sections 7,17,23,24,29 and 42 of the Reserve Bank of India Act, 1934 and does the notification contravene the provisions of Article300(A) of the Constitution.
Besides this, the court will also deal with issues of whether the notification has been validly issued under the Reserve Bank of India Act, 1934 and whether it is ultra vires Articles 14 and 19 of the Constitution and whether the limit on withdrawal of cash from the funds deposited in bank accounts has no basis in law and violates Articles 14,19 and 21.
The court will also consider whether the implementation of the impugned notification(s) suffers from procedural and substantive unreasonableness and thereby violates Articles 14 and 19 and, if so, to what effect.
The apex court will also deal with the scope of judicial review in matters relating to the fiscal and economic policy of the Government and whether a petition by a political party on the issues raised is maintainable under Article 32.
(With ANI Inputs)