The Supreme Court's pleasant personality is always the series of landmark
judgments that maintain this legacy. The Supreme Court's first judgment of 2023
is enough in a cold, chilling winter to spread calefaction. The petition was
challenged to be questioned on the legality and validity of the grounds on which
Modi's government made its November 2016 decision to demonetize the 500 and
1,000 rupee notes. After six years of long waiting, at long last, the
constitution bench of the Supreme Court delivered the verdict. In a 4:1 ratio,
the majority of the judges endorsed demonetization.
More than 50 petitions reached the top court within a few weeks, the three-judge
bench comprising and headed by CJI referred to the constitution bench of the
Supreme court and in the same line of verdict stay orders were issued for the
high court to take any cognizance in these matters.
In the research paper of Dr. Ajit Bansal "Impact of Demonetisation
It is not the first time India has faced demonetization. In the year 1946,
pre-independence, notes of rupees 1,000 and 10,000 were removed from
circulation, but it did not have much impact. However, both notes were
reintroduced in 1954. In the year 1978, Prime minister Moraji Desai banned
1,000, 5,000, and 10,000 sole motive was to curb the black market.
He also mentioned in his research that the 500 and 1,000 rupee notes accounted
for 86% of the country's cash supply.
A previous union minister and senior advocate, P Chidambaram, contended that the
center has not inspected substitute strategies to control fake cash and the
black market. Justice B.R. Gavai delivered the majority judgment, bolstered by
Justices S. Abdul Nazeer, A.S. Bopanna, and V. Ramasubramanian.
However, Justice B.V. Nagarathna found the demonetization work out, embraced on
government's activity and buried on a simple notice within the official journal
rather than entire legislation within the parliament, as unlawful and vitiated
added by the record appears there was no important application of intellect by
the central board of the RBI to the government's activity for demonetizing the
bank notes. Justice B.R Gavai, talking majority said the court can work out
constrained judicial review within the matter of economic approach