Supreme Court upholds demonetization with majority

A batch of 58 petitions challenging the demonetization exercise announced by the Central Government in 2016 on 8th November was heard by the top Court.  The Supreme Court of India delivered split decision by 4:1; majority supporting the cause of the Central Government. Justices, S Abdul Nazeer, AS Bopanna, BR Gavai, and V Ramasubramanian stated that the Central Government has the power to notify any series of the bank notes of any denomination to cease to be a legal tender. Justice BV Nagarathna, on the other hand opposed the statement and stated that the impugned notification is “unlawful”.  After seeking order from the Hon’ble CJI, special leave petition and transfer petitions were directed to be posted before an appropriate bench.