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LATEST NEWS UPDATES | SC asks RBI to provide quorum details of its Central Board meeting that recommended demonetisation - Srishti Ojha

SC asks RBI to provide quorum details of its Central Board meeting that recommended demonetisation - Srishti Ojha

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published Published on Dec 6, 2022   modified Modified on Dec 6, 2022

-India Today

Attorney General of India R Venkataramani informed the Apex court that nothing was being hidden and the information, if asked by the court, would be provided. 

The Supreme Court on Monday inquired into the number of members present in the RBI’s Central Board meeting that decided to make the recommendation regarding the demonetisation of 500 and 1000 rupee currency notes in 2016.

A 5-judge Constitution Bench orally asked counsel for the Reserve Bank of India (RBI) to give the details regarding the quorum.

“How many members were present? There should be no difficulty in telling us,” Justice BR Gavai asked.

Under the RBI Act, it is the Central Board of the RBI that has to make a recommendation to the Central government regarding demonetisation of notes or for any series of bank notes of any denomination to cease to be legal tender.

Earlier, Senior Advocate P Chidambaram, arguing on behalf of petitioners who’ve challenged the Centre’s 2016 demonetisation policy, told the court that regulations mandating a quorum haven’t been followed and details of the meeting and the quorum haven’t been shared by the government and the RBI.

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India Today, 6 December, 2022, https://www.indiatoday.in/law/story/sc-asks-rbi-provide-quorum-details-central-board-meeting-recommended-demonetisation-2305919-2022-12-06


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