The Supreme Court announced on Wednesday, September 28, 2022, that it'll determine if the Center’s 2016 decision to implement demonetisation has become academic and scheduled the topic for review on Discovery Day. When the hearing began, a constitution bench led by Justice S. A. Nazeer questioned whether the problem still merited review at now.
"For all intents and purposes, the matter doesn't remain for consideration," in line with peace officer Tushar Mehta, speaking on behalf of the middle. He added that the case could also be studied as a category project.
The five-judge panel was asked to determine on several issues, including whether the notification dated November 8, 2016, violates the terms of the Federal Reserve Bank of India Act, 1934 and if it does so in violation of Article 300 (A) of the Constitution.
The three-judge panel then addressed whether the 2016 notification violates Articles 14 and 19 of the Constitution presuming it absolutely was lawfully made under the Federal Reserve Bank of India Act, 1934.
“Whether the limit on withdrawal of money from the funds deposited in bank accounts has no basis in law and violates Articles 14, 19 and 21," the bench had said.
It had said if the appliance of the contested notification(s) suffers from procedural and/or substantive unreasonableness and, as a result, violates Articles 14 and 19 and what impact that violation has.
The top court posed several additional questions and stated that it “considers it proper to direct that the matters be placed before the larger bench of 5 judges for an authoritative pronouncement” thanks to the “general public importance” and “far-reaching implications” that the answers to the questions may have.