Supreme Court Demonetisation Case Verdict
Demonetisation By PM Modi
In april 8, 2016. With an increase in Fake Indian Currency Notes, the government effectively ended this illegal activity overnight. The act caused an economic disruption that slowed GDP growth by removing more than 80% of the currency from circulation. Mr. Narendra Modi, India's Prime Minister, announced the demonetization of Rs 1000 and Rs 500.
The demonetisation of Rs 1000 and Rs 500 banknotes has had little impact on the country's currency in circulation (CIC). While currency circulation has increased by nearly 83 percent since its announcement on November 8, 2016.
Supreme Court(SC) Decision demonetisation
The Supreme Court asked the Centre and the Reserve Bank of India (RBI) on Wednesday (December 7) to provide relevant information about the government's decision to demonetise Rs 1000 and Rs 500 currency notes in 2016.
A five-judge constitution bench led by Justice S A Nazeer heard arguments from Attorney General R Venkataramani, the RBI's counsel, and the petitioner lawyers, including senior advocates P Chidambaram and Shyam Divan, and dismissed the petition.
"Heard. Judgment reserved. "Learned counsels of the Union of India and the Reserve Bank of India are directed to produce the relevant records," said the bench, which also included Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna.
According to ANI, the Supreme Court "reserves judgement on various petitions."
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