Supreme Court asks Centre and RBI to produce records related to demonetisation, reserves verdict

The Supreme Court on Wednesday directed the Center and the Reserve Bank of India (RBI) to produce relevant records relating to the government’s decision to invalidate Rs 1,000 and Rs 500 notes in 2016.

While reserving its judgment on a bunch of pleas challenging the Centre’s 2016 decision, a 5-judge Constitution bench headed by Justice S A Nazeer and including Attorney General R Venkataramani, RBI counsel, senior advocates P Chidambaram and Shyam Divan heard the arguments of the counsel for the petitioners. The supreme Court of India has ordered Centre government and the Reserve Bank of India to produce records related to demonetisation.

A bench of Justices BR Gavai, AS Bopanna, V Ramasubramaniam and BV Nagarathna said that they have heard both the parties and will have their judgment reserved. They further said that counsel for the Union of India and the Reserve Bank of India are directed to place the relevant records.

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For the unversed, a written submission has to be furnished to court by December 10. The Attorney General for India R Venkataramani said that the documents will be produce in a sealed cover. The bench observed that it can examine the manner in which the decision was taken. The top court was hearing a batch of 58 petitions challenging the note ban announced by the Centre on November 8, 2016.

On October 12, the bench agreed to hear the matter on merits, after the persuasive arguments made by Senior Advocate P Chidambaram. The bench asked the Union Government and the Reserve Bank of India to produce before it, the relevant documents and files relating to the decision.

Senior Advocate P Chidambaram was from the petitioners side who opened the arguments and said that no doubt the effects of the decision cannot be undone, Hence, the Court should lay down the law for the future, so that similar misadventures are not repeated by the future governments.

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