Supreme Court To Hear Petitions Challenging Constitutional Validity Of Demonetisation Tomorrow

The bench will sit tomorrow to consider five cases.

Supreme Court of India (Source: File photo/AFP)

New Delhi: The Supreme Court bench comprises Justices S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna will hear pleas challenging the Centre's decision to demonetize currency notes of Rs 500 & Rs 1000 Tomorrow as reported by news agency ANI.

Supreme Court constitution bench will hear tomorrow pleas challenging the Centre's decision to demonetize currency notes of Rs 500 & Rs 1000. Five Judge bench headed by Justice Abdul Nazeer will hear the matter tomorrow

— ANI (@ANI) September 27, 2022

The bench is supposed to fix the date of a detailed hearing. The matter alluded to the Constitution Bench on December 16, 2016, however, the bench was at this point to be comprised.

In an unexpected address to the nation on November 8, 2016, Prime Minister Narendra Modi declared that beginning at 12 PM, existing ₹ 500 and ₹ 1,000 notes could no longer be used for any transactions. In the midst of a gigantic public outcry, the government battled to describe the advantages of the move.

Opposition parties had hammered the move, saying it was reckless and wrecked the Indian economy. 

The menace of fake currency notes and their use of black money for terror activities were cited as reasons behind the decision that led to long queues in front of banks with people looking to get their old Rs 500 and Rs 1000 currency notes replaced with the new legal tender.

The note ban was also aimed at reducing cash transactions to crack down on black money and corruption.

The PM's declaration intended that within a couple of hours, 86% of the money available for use was pulled. A shortage of cash-constrained long queues at banks as individuals lined up to return old notes or trade them for the new ₹ 500 and ₹ 2,000 notes.

The Prime Minister had said demonetisation was an open door where each resident can join a "mahayajna" against corruption, black money and fake notes.

However, despite the promise to reduce cash transactions, the worth and volume of notes available for use has kept on expanding since the November move.