Decision in SC on petitions against demonetisation today

The Supreme Court will give its verdict today on the petitions that say demonetization is wrong. A constitution bench headed by Justice SA Nazeer can give a verdict on this. Justice Nazeer will retire on January 4. In 2016, Prime Minister Narendra Modi 1,000 and 500 rupees. It was decided to close the notes, for which a total of 58 petitions were also filed in the court.
Earlier, on November 9, the central government had filed an affidavit in the Supreme Court on demonetization. It was said that the number of 500 and 1000 notes had increased a lot. Therefore, from February to November, only after discussions with the RBI, on November 8, the decision to demonetize these notes was taken. Actually, the court had asked the government under which law the notes of 1000 and 500 rupees were closed. The court had asked the government and the RBI to give their answers in an affidavit.
The government defended its decision of demonetization saying that the decision to demonetize the note was taken on the special recommendation of the Central Board of Directors of the Reserve Bank. Demonetisation was part of planning and an effective way to deal with problems like counterfeit currency, terror funding, black money and tax evasion. This was the biggest step in the series related to changes in economic policies.
The Center in its reply also said that demonetization has brought many benefits like a reduction in fake notes, an increase in digital transactions, and the detection of unaccounted income. In October 2022 alone, a digital transaction of 730 crores took place, that is, a transaction of Rs 12 lakh crores has been recorded in a month. Which 2016 were 1.09 lakh transactions i.e. about 6952 crore rupees.
In 2016, Vivek Sharma challenged the government's decision by filing a petition. After this 58 more petitions were filed. So far only three petitions were being heard. Now all will be heard together. The hearing will be presided over by Justice S. Abdul Nazeer.
This case was assigned to the constitution bench on December 16, 2016, but the bench could not be formed then. On November 15, 2016, then Chief Justice TS Thakur praised this decision of the Modi government.
The Chief Justice had said – The intention of the government behind the plan of demonetization is commendable. We do not want to interfere in the economic policy, but we are concerned about the inconvenience caused to the people. He had asked the government to file an affidavit on the issue.
On December 16, 2016, the Supreme Court referred the matter to a five-judge constitutional bench after the petitioner's lawyers in the Supreme Court argued that there were several legal mistakes in the government's demonetization plan. Then the court refused to give any interim order on this decision of the government. Even the court had then stayed the hearing on the petitions filed in different High Courts on the issue of demonetization.