SC verdict upholds demonetisation process: A timeline of note ban case

The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes and said the decision-making process was not flawed

Rs 2000, rs 500, currency, rupee, money, demonetisation, note ban
Photo: Shutterstock
Press Trust of India New Delhi
2 min read Last Updated : Jan 02 2023 | 3:11 PM IST

The Supreme Court in a 4:1 majority verdict on Monday upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes and said the decision-making process was not flawed. Following is a timeline of events in the case:

November 8, 2016: Prime Minister Narendra Modi addresses nation and announces demonetisation of high-value currency notes of Rs 500 and Rs 1000.

November 9, 2016: Plea filed in Supreme Court challenging decision.

December 16, 2016: Bench headed by then chief justice T S Thakur refers question of validity of the decision and other questions to a larger bench of five judges for authoritative pronouncement.

August 11, 2017: Unusual deposits of Rs 1.7 lakh crore during demonetisation, says RBI paper. In nominal terms, excess deposits accrued to the banking system due to demonetisation estimated in the range of Rs 2.8-4.3 lakh crore, it says.

July 23, 2017: Massive searches, seizures and surveys by Income Tax department over the last three years lead to the detection of around Rs 71,941 crore worth "undisclosed income", Centre tells SC.

August 25, 2017: RBI issues new Rs 50 and Rs 200 denomination banknotes.

September 28, 2022: SC constitutes constitution bench headed by Justice S A Nazeer, says it will consider if pleas challenging demonetisation are an academic exercise.

December 7, 2022: SC reserves verdict on pleas challenging demonetisation and directs Centre and RBI to put on record relevant records for its perusal.

January 2, 2023: SC in a 4:1 majority verdict upholds decision to demonetise the Rs 1,000 and Rs 500 denomination notes. Says decision making process was not flawed, has to be great restraint in matters of economic policy and court cannot supplant wisdom of the executive by a judicial review of its decision.

January 2, 2023: Justice B V Nagarathna renders dissenting view, says scrapping of the whole series of Rs 500 and Rs 1,000 currency notes had to be done through a legislation and not through a gazette notification.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Supreme CourtDemonetisationNote ban

First Published: Jan 02 2023 | 3:11 PM IST

Next Story