JAYANTILAL RATANCHAND SHAH vs RESERVE BANK OF INDIA & ORS.

The Supreme Court upheld the constitutional validity of the High Denomination Bank Notes (Demonetization) Act, 1978, and the legality of orders passed under it, citing Article 32 of the Constitution. The Court emphasized that the Reserve Bank of India, under Section 22 and Section 24 of the Reserve Bank of India Act, 1934, has the exclusive authority to issue bank notes and regulate their denominations. The judgment confirmed that the Central Government can declare certain bank notes as no longer legal tender, thereby affirming the legislative framework governing currency in India.