The Supreme Court's pleasant personality is always the series of landmark judgments that maintain this legacy. The Supreme Court's first judgment of 2023 is enough in a cold, chilling winter to spread calefaction. The petition was challenged to be questioned on the legality and validity of the grounds on which Modi's government made its November 2016 decision to demonetize the 500 and 1,000 rupee notes. After six years of long waiting, at long last, the constitution bench of the Supreme Court delivered the verdict. In a 4:1 ratio, the majority of the judges endorsed demonetization.

More than 50 petitions reached the top court within a few weeks, the three-judge bench comprising and headed by CJI referred to the constitution bench of the Supreme court and in the same line of verdict stay orders were issued for the high court to take any cognizance in these matters.

In the research paper of Dr. Ajit Bansal "Impact of Demonetisation" mentioned-

It is not the first time India has faced demonetization. In the year 1946, pre-independence, notes of rupees 1,000 and 10,000 were removed from circulation, but it did not have much impact. However, both notes were reintroduced in 1954. In the year 1978, Prime minister Moraji Desai banned 1,000, 5,000, and 10,000 sole motive was to curb the black market.

He also mentioned in his research that the 500 and 1,000 rupee notes accounted for 86% of the country's cash supply.

A previous union minister and senior advocate, P Chidambaram, contended that the center has not inspected substitute strategies to control fake cash and the black market. Justice B.R. Gavai delivered the majority judgment, bolstered by Justices S. Abdul Nazeer, A.S. Bopanna, and V. Ramasubramanian.

However, Justice B.V. Nagarathna found the demonetization work out, embraced on government's activity and buried on a simple notice within the official journal rather than entire legislation within the parliament, as unlawful and vitiated added by the record appears there was no important application of intellect by the central board of the RBI to the government's activity for demonetizing the bank notes. Justice B.R Gavai, talking majority said the court can work out constrained judicial review within the matter of economic approach

References

• https://www.indiatoday.in/opinion-columns/story/constitution-bench-decided-legality-of-demonetisation-opinion-2319165-2023-01-09
• https://www.rediff.com/news/interview/professor-arun-kumar-govt-knows-demonetisation-is-one-of-its-biggest-blunders/20230109.htm