DEMONETISATION Valid Or Not? : Supreme Court Constitution Bench Hearing- LIVE UPDATES

Chidambaram reads out S 8 of the RBI Act which talks about Directors of the Central Board.

"8(1)(c) is the only input of non-officials - economists, industrialists, etc. 7 of these posts were vacant on the date of demonetisation."

Chidambaram takes the court through the Preamble of the Reserve Bank of India Act, 1934.

"The right to regulate the issue of banknotes is entirely with the RBI...and to generally operate the currency and the credit system."

Chidambaram: I am referring to this affidavit for the sake of discipline and the economy of time.

The Bench assembles.