The Supreme Court on Friday ordered the formation of a five-judge Constitution Bench to test the constitutionality of the November 8, 2016 demonetisation notification and the legality of the implementation of the policy.
The Supreme Court said the issue of demonetisation is of public importance and has far-reaching consequence, requiring a Constitution Bench to hear the petitions challenging the policy.
The Bench has to look into a batch of nine questions:
1. Whether the RBI notification of November 8, 2016 is ultra vires Section 26 (2) and other relevant provisions of the RBI Act, 1954?
2. Whether the notification is violative of Article 300A (right to property) of the Constitution?
3. Whether the notification is ultra vires Articles 14 and 19 of the Constitution?
4. Whether limited withdrawal of one’s own money caused by demonetisation is a violation of Articles 14, 19, 20 and 21 of the Constitution?
5. Whether the implementation of the notification is in substantive and procedural violation of the law of the land?
6. Whether Section 26(2) of the RBI Act is itself a piece of excessive delegation of legislative powers?
7. What is the scope of judicial review into a fiscal and economic policy of the government?
8. Can political parties file writ petitions in the Supreme Court under Article 32 of the Constitution?
9. Were DCCBs subjected to discrimination when they were stopped from accepting deposits and allowing withdrawals?
