DEMONETISATION Valid Or Not? : Supreme Court Constitution Bench Hearing- LIVE UPDATES

Chidambaram: They said fake currency notes of Rs 500 and Rs 1000 were in circulation in large nos. The second objective was black money. And the third was use of fake currency to fund subversive activities like drug trafficking & terrorism.

Chidambaram: My next proposition is that the objectives of the Nov 8 notification were false and illusory and could not have been achieved, and were in fact, NOT achieved.

Chidambaram: The demonetisation policy was pushed through without considering the data, the information, and the horrendous consequences. That is my submission.

Chidambaram: Individuals living in the rural areas, in the northeast were disproportionately affected. They had to travel to other cities or towns.

Chidambaram outlines the "far-reaching consequences" of demonetisation.

"In every commodity, there was a steep fall in prices because there was no demand. Even the supply chain was disrupted." 

Chidambaram: Relevant factors were not taken into account. Consequences were not considered by the Central Board before making this recommendation.

Bench assembles.

Senior Advocate P Chidambaram to continue making his submissions.

Bench rises.

"We will continue this at 2 PM."

Chidambaram: In this affidavit, they have reiterated what they have already stated. 

Chidambaram: What is the application of mind? What is the deliberation? Must be disclosed. Therefore, it's obvious this was premeditated and pushed through in less than 24 hours. Govt only pushed the same narrative in the last affidavit.