The Supreme Court will pronounce on January 2 its verdict on a batch of petitions challenging the decision taken by the Union government in 2016 to demonetise the currency notes of Rs 500 and Rs 1,000 denominations.

A Constitution bench of Justices S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna will pronounce the judgement on the reopening of the court on the pleas challenging the demonetisation announced by the Centre on November 8, 2016.

The apex court had reserved its judgments on the batch of 58 petitions on December 7.

Earlier, it had asked the Centre and Reserve Bank of India to place before it the records pertaining to the 2016 demonetisation decision in a sealed envelope.

It had said that it has the power to examine the manner in which the decision for demonetisation was taken adding that the judiciary cannot fold its hands and sit just because it is an economic policy decision.

The top court's remarks came when the Reserve Bank of India counsel made the submission that judicial review cannot apply to economic policy decisions.

RBI had told the apex court about the objective of the demonetisation policy to curb black money and fake currencies.

Attorney General R Venkatramani had said that the economic policy of demonetisation was connected to a social policy where three evils are attempted to be addressed.

(with inputs from ANI)