March 26, 2023

Today’s ruling on demonetisation by the Supreme Court’s constitution bench


The Supreme Court today ruled that the Reserve Bank of India (RBI) had the power to demonetise currency notes. A five-judge constitution bench headed by Chief Justice Dipak Misra said that the RBI could take such a step in public interest. The court was hearing a batch of petitions challenging the validity of the government’s decision to demonetise Rs 500 and Rs 1,000 currency notes on November 8, 2016.

On January 2, a five-judge Supreme Court constitution panel will rule on over thirty petitions regarding the government’s 2016 notification to prohibit currency notes of 500 and 1000.

After hearing lengthy arguments from the government and the petitioners who argued that the demonetisation decision was arbitrary, unconstitutional, and against the authorities and procedure specified under the Reserve Bank of India Act, the court reserved its ruling on December 7.

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