SC probes RBI and the Central government to submit papers related to the 2016 demonetization

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On Wednesday, the Supreme Court withheld its judgement in a petition challenging the government’s 2016 decision to ban 500 and 1,000 notes and asked the RBI and the Central government to submit all papers related to the demonetization exercise. This comes after 58 petitions were filed before the Supreme Court against the RBI and the Centre in relation to the decision to demonetize on November 8, 2016, at midnight.

Previously, Chidambaram argued that demonetization was a major economic decision that harmed every citizen of the country. He questioned the government’s jurisdiction to demonetize currency notes, citing legislation that only allows the government to cancel specific series of currency notes, not all notes of a given value.