Supreme Court Live Updates : Challenge Against Demonetisation

Divan: That money is still w me, but has no value. As the AG indicated, no coercive action was taken against me. But all my hard work was brought to naught.

Divan traces the development of the controversy, w an emphasis on the RBI's statements.

Divan: In genuine cases like mine, where I was overseas, we came back and found ourselves completely shut out. This was our hard-earned money.

Chidambaram: Therefore, let us argue!

Chidambaram: Justice Ramasubramanian has gone into economic policy wrt cryptocurrency.

Contests AG's statement that economic policy was the exclusive preserve of the govt

Chidambaram refers to Justice V Ramasubramanian's judgement on cryptocurrency.

Chidambaram: Therefore, the judgement of Justice Mukherjee will be of some assistance, but the Court has to go beyond it.

Bench asks whether earlier demonetisation was similar.

Divan: Yes and no.

Chidambaram, adding: The earlier demonetisation was similar & dissimilar. Very few notes in circulation at that time. Here, the bulk of the currency has been taken away.

Divan: This Court has said come here. We cant be shut out on the ground that this ques has become academic. The pt is not whether the issues are considered today or tom, but this Court must consider.

Refers to earlier demonetisation.

Divan: AG made a fair statement which is not recorded in the order, on Nov 3 - "As far as these petitioners who have made the disclosure, no coercive steps will be taken." This is the background. 

Divan takes the court through several orders of the Court to establish why the issues must be heard by a Constitution Bench.