In Brief
This matter concerns the constitutional validity of the Government's 8 November 2016 notification demonetizing Rs. 500 and Rs. 1000 currency notes. Multiple writ petitions challenged the demonetization as violating constitutional rights, fiscal policy limits, and banking regulations. The Court, finding the issues of immense public importance and far-reaching implications, referred the matter to a larger five-Judge Bench for authoritative decision. Pending final determination, the Court declined interim relief restricting District Cooperative Banks, but accepted assurances regarding equal treatment and progressive replacement of demonetized notes with new currency.
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