Supreme Court directs Centre, RBI to produce records related to demonetization decision, reserves order

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Supreme Court

New Delhi: The Supreme Court on Wednesday directed the Center and the Reserve Bank of India (RBI) to produce relevant records relating to the government’s decision to demonetize Rs 1,000 and Rs 500 notes in 2016. A five-judge constitution bench headed by Justice S A Nazeer heard the arguments of Attorney General R Venkataramani, counsel for the RBI, and counsel for the petitioners on the petitions challenging the Centre’s 2016 decision and reserved its order.

The petitioners’ lawyers included senior advocates P Chidambaram and Shyam Devan. The apex court directed the parties to file written submissions by December 10. The bench said, “Arguments in the matter have been heard. The judgment is reserved. Counsel for the Government of India and the Reserve Bank of India is directed to produce the relevant records.” The bench also comprised Justice BR Gavai, Justice AS Bopanna, Justice V Ramasubramanian, and Justice BV Nagaratna.

The Attorney General told the bench that he would place the relevant records in a sealed cover. The top court was hearing 58 petitions challenging the note ban announced by the Center on November 8, 2016. The apex court on Tuesday said the limited scope for judicial review in economic policy matters does not mean that the court will sit idly by.

supreme court

The court had said that the manner in which the government takes decisions can always be reviewed. The decision to demonetize Rs 1,000 and Rs 500 notes have been described as ‘seriously flawed’&8217; Stating that Chidambaram had argued that the central government cannot initiate any resolution related to legal tender on its own and it can be done only on the recommendation of the central board of the RBI.

Opposing the Supreme Court’s move to revisit the 2016 demonetization exercise, the government said the court cannot decide a case when ‘no substantial relief can be provided by turning back the clock.

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