VIVEK NARAYAN SHARMA versus UNION OF INDIA

VIVEK NARAYAN SHARMA versus UNION OF INDIA

Owing to the general public importance and far-reaching implications, the matter requires authoritative pronouncement by a larger bench. Interim relief regarding suspension of restrictions on District Cooperative Banks or extension of exemption period was declined; assurances of replacement of deposited currency and periodic review of withdrawal limits accepted.

Parties
Petitioner: Vivek Narayan Sharma; Respondent: Union of India
Jurisdiction
India
Judgment Date
16 December 2016
Procedural Posture
Writ Petition (civil) / Admission; Reference to Five Judge Bench; Interim Orders Passed
Outcome
Reference to five-judge bench; interim relief declined; proceedings in all High Courts stayed; Writ Petitions admitted; notice issued
Legal Topics
Demonetization, Judicial Review, Banking Regulation, Economic Policy, Interim Relief
Constitutional Law Banking Law Administrative Law Demonetization Judicial Review Banking Regulation Economic Policy Interim Relief

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Parties

Vivek Narayan Sharma

Petitioner

Union of India

Respondent

Procedural Posture

Writ Petition (civil) / Admission; Reference to Five Judge Bench; Interim Orders Passed

Legal Issues

  1. 1 Whether the notification dated 8th November 2016 is ultra vires Section 26(2) and Sections 7, 17, 23, 24, 29 and 42 of the Reserve Bank of India Act, 1934
  2. 2 Does the notification contravene Article 300(A) of the Constitution
  3. 3 Whether the notification is ultra vires Articles 14 and 19 of the Constitution

Ratio Decidendi

Owing to the general public importance and far-reaching implications, the matter requires authoritative pronouncement by a larger bench. Interim relief regarding suspension of restrictions on District Cooperative Banks or extension of exemption period was declined; assurances of replacement of deposited currency and periodic review of withdrawal limits accepted.

Court Disposition

Reference to five-judge bench; interim relief declined; proceedings in all High Courts stayed; Writ Petitions admitted; notice issued

Orders

  • Matter referred to larger bench (five judges) for authoritative pronouncement
  • Interim relief for District Cooperative Banks declined