SC asks Centre, RBI to file reply against pleas challenging demonetisation policy

New Delhi, Oct 12 (Agency) The Supreme Court Wednesday asked the Centre and RBI to file detailed affidavits on the decision to demonetise Rs 500 and Rs 1000 currency notes and keep ready the files relating to Centre’s November 7, 2016 letter to RBI regarding RBI Board’s decision next day and immediate announcement of demonetisation.

A five-judge larger bench of the Supreme Court, headed by Justice S Abdul Nazeer and also comprising Justices BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna, asked the Central government and Reserve Bank of India (RBI) to apprise it about the ways the steps are taken and fixed the matter for further hearing on November nine. The Supreme Court wanted to know from the Centre and RBI, about the main question as to whether the Central government had powers under Section 26 of the RBI Act to demonetise all notes of Rs 500 and Rs 1000 denomination or not and whether the process followed by it was fair or not. “You file detailed affidavits responding to the petitions, we will hear the matter on November 9,” the Supreme Court bench, led by Justice Nazeer said. The Supreme Court was hearing the batch of pleas challenging the Centre’s decision to demonetize currency notes of Rs 500 and 1,000 on November 8, 2016 and consider it whether the issue of demoentisation is academic or not. The Supreme Court today fixed the matter for further hearing to November nine.