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

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24 Nov 2022 10:45 AM IST

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

    Supreme Court Constitution Bench to hear petitions challenging the #Demonetization of Rs 500 & Rs 1000 currency notes by Central Govt in 2016.On Oct 12, the Centre was directed to file a comprehensive affidavit & disclose relevant docs.Constitution Bench comprising S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna JJ decided to hear this case after holding that...

    Supreme Court Constitution Bench to hear petitions challenging the #Demonetization of Rs 500 & Rs 1000 currency notes by Central Govt in 2016.

    On Oct 12, the Centre was directed to file a comprehensive affidavit & disclose relevant docs.

    Constitution Bench comprising S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna JJ decided to hear this case after holding that the legal issue had not become "academic".

    Senior Adv and four-time Finance Minister P Chidambaram gave a brief overview of his arguments.

    "Where is the application of mind?" the senior counsel asked.

    On Nov 9, the Attorney-General, R. Venkataramani sought an extension for the filing of a comprehensive affidavit.

     "It is embarrassing that a Constitution Bench has to adjourn like this," Bench remarked.

    A week later, the Centre filed an affidavit saying 2016 demonetisation was "well-considered" and led to benefits.

    FOLLOW LIVE UPDATES OF TODAY'S HEARING HERE 

    Live Updates

    • 24 Nov 2022 2:20 PM IST

      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.

    • 24 Nov 2022 2:17 PM IST

      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.

    • 24 Nov 2022 2:16 PM IST

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

    • 24 Nov 2022 2:15 PM IST

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

    • 24 Nov 2022 2:13 PM IST

      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." 

    • 24 Nov 2022 2:11 PM IST

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

    • 24 Nov 2022 2:09 PM IST

      Bench assembles.

      Senior Advocate P Chidambaram to continue making his submissions.

    • 24 Nov 2022 12:58 PM IST

      Bench rises.

      "We will continue this at 2 PM."

    • 24 Nov 2022 12:56 PM IST

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

    • 24 Nov 2022 12:56 PM IST

      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. 

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