AG argues this is a "grey area" where the Court should defer to the wisdom of the govt.
Chidambaram asserts that this is a suitable case for the declaration of the law, says, "declaratory power does not depend on what relief can be granted and what relief cannot be granted"
Chidambaram: This Court must examine the powers u/ss 24 and 26 of the RBI Act, 1934. Tomorrow they can invoke these powers again.
Chidambaram: 1978 demonetisation was by a separate law, ordinance followed by an act...similarly in the 1940's...whether the demonetisation of this kind requires a separate law, that is not academic. This is a live issue.
Divan: There are layers of this challenge.
Refers to a previous Constitution Bench tackling a similar issue.
Divan recommends going through some orders "as they evolved".
Justice Nazeer: If it has become academic, there is no point in wasting the court's time.
Justice Nazeer: We will take the cases one by one, and discard infructuous ones.
Pulls up a petitioner-in-person for being argumentative, says, "We will hear yours last".
Other counsel weigh in. There is no unanimity as to whether this issue must be answered by this Constitution Bench.
Sr Adv P Chidambaram asserts that the exercise has not become academic. AG R Venkataramani disagrees - says, "It is an academic exercise w political implications."
Sr Adv Shyam Divan vehemently disagrees. Says, "It is shocking that SG thinks it is a waste of consti bench's time. These issues must be heard."