Supreme Court Live Updates : Challenge Against Demonetisation

Chidambaram, resuming: RBI Board at that time had only 3 out of the 10 independent directors...RBI may recommend demonetisation, but here, it started w a letter sent by the Govt to the RBI

Chidambaram: Within a day, RBI Board meets in Delhi, not Bombay..

Adv ML Sharma disrupts the proceedings, Bench asks him to maintain decorum. Sharma says that advs are trying to see the proceedings. Bench directs he be provided w the link

Chidambaram instructed to give a conspectus of events.

Chidambaram: Starting pt is the letter from the Govt to RBI to make a recommendation as to whether 500 and 1000 rupee notes may be invalidated as legal tender.

Chidambaram begins.

Chidambaram: First ques is, does govt have the power u/s 26 of RBI Act to make the notification. My submission is that the Govt does not.

Justice Nazeer, to Union: Let Chidambaram begin...we will give you enough time. This cannot be rushed through. We must make a beginning.

Justice BVN: We understand your apprehensions but for us to decide whether the issue is academic, we must hear the counsel.

Justice BVN talks about whether the rulings on limits of judicial review will circumscribe them wrt present matter

Justice Gavai: How can you say these issues have become academic?

AG: There are a no of judgements on limits of judicial review

Justice BVN: There is a Lakshman Rekha, but the manner in which it was done can be examined.

Union tries to convince the Bench that the issue had become academic.

Justice Bopanna: We can only say academic or infructuous when both sides agree. When there is a point and a counterpoint...

AG talks about tagging of the petitions.

Justice Nazeer: They were tagged at your instance, because you did not want to face the music throughout the country.

SG: Because contradictory orders were coming out from diff parts of country

Divan: These issues are v real. You cannot now say that these issues are academic.

SG, interjects: Hard-earned money was not taken away. There are statutory safeguards...applications that can be made by the concerned persons.