Govt Refuses Fresh Opportunity to Exchange Demonetised Notes

Share

However, the government said that adequate time was provided to exchange or deposit the old currency notes.

The Supreme Court had clubbed together different citizens which included a woman who had delivered a baby during the time of demonetisation and another who was coping with the death of a family member, the report added.

The Union government has held before the Supreme Court that it can not give a fresh chance to people to deposit scrapped currency notes of Rs 500 and Rs 1000.

A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud asked Solicitor General Ranjit Kumar, representing the Centre, to take instructions on the issue. It was planned as a crackdown against black money and fake notes. Allowing a new opportunity to deposit the banned notes would result in "any number of benami transactions" and make it hard for departments to distinguish "genuine cases from bogus ones", the centre warned.

Prime Minister Narendra Modi had surprised the nation on November 8 when he declared the old Rs 500 and 1000 notes invalid. Government referred to the earlier instances of misuse of extensions given for submitting demonetised notes.

More news: US Putting Conditions on Return of Diplomatic Property is Unacceptable

People, however, still had time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.

The Supreme Court on July 4 granted the Centre and the Reserve Bank of India two weeks to consider the option of granting a window to those who could not deposit their demonetised Rs 500 and Rs 1,000 currency notes for a compelling reason.

There were many appeals filed by various citizens in the Supreme Court regarding their inability to deposit old currency notes.

In a meeting with the parliamentary committee on Wednesday last week, RBI governor Urjit Patel said the number of scrapped notes returned post demonetisation were still being counted.

Share