Supreme Court reserves judgement on pleas challenging demonetisation

The apex court directed Centre and the RBI to produce relevant records on the government's 2016 decision to demonetise currency notes of Rs 1000 and Rs 500 denominations

New Delhi, Dec 07: The Supreme Court on Wednesday reserved its judgement on various petitions challenging 2016's decision of the Central Government to demonetise the old notes of Rs 500 and Rs 1000.

The apex court also directed the Centre and the Reserve Bank of India (RBI) to put on record relevant records relating to the government's 2016 decision to demonetise currency notes of Rs 1000 and Rs 500 denominations, as reported by PTI.

Reserving its verdict, a five-judge constitution bench headed by Justice S A Nazeer heard the submissions from Attorney General R Venkataramani, RBI's counsel and the petitioner's lawyers including senior advocates P Chidambaram and Shyam Divan. ''Heard. judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records,'' the bench also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.

The AG submitted before the bench that he will submit relevant records in a sealed cover. The top court was hearing a batch of 58 petitions challenging the demonetisation exercise announced by the Centre on 8 November 2016.

The Centre recently told the top court in an affidavit that the demonetisation exercise was a "well-considered" decision and part of a larger strategy to combat the menace of fake money, terror financing, black money and tax evasion.

Defending its decision to demonetise currency notes of Rs 500 and Rs 1,000 denominations, the Centre had told the apex court that the step was taken after extensive consultations with the RBI and that advance preparations were made before the note ban was enforced.

The Prime Minister, in a televised address to the nation, had declared that high denomination notes of Rs 500 and Rs 1000 will no longer be legal tender from November 8-9 midnight. He had said the Government has declared a "decisive war" against black money and corruption.