No Exceptions For Depositing Old Notes: Centre To Chief Justice Of India

Demonetisation Can’t give more time to deposit banned currency notes Centre tells SC

The government told the Supreme Court on Monday that people can not be given another chance to deposit old currency notes that were demonetised in November, warning that a new exchange window suggested by the top court would defeat the goal of the exercise.

It said that "the period November 9, 2016, to December 30, 2016, was fairly a very long period during which any one can either himself or through his authorised agent/third person could have deposited/exchanged the specified bank notes subject to following the prescribed norms".

People queued up in front of banks to deposit their old notes after demonetisation was announced.

According to reports, the Chief Justice of India JS Khehar was concerned about the honest citizens and said, "If these genuine people are not given a chance, then it is a serious issue".

"Any number of benami transactions and user proxies for the objective of producing and depositing SBNs would then arise which the departments would have great difficulty in deciding any genuine case from the numerous bogus ones", the government said to the SC, which asked the government to open another window for those who had legitimate reasons for not depositing the old notes before the deadline. The move had led to the withdrawal of 86 per cent of India physical currency. By the end of December, banks had received virtually all the currency notes that had been banned - which implied that no black money had been destroyed. Government referred to the earlier instances of misuse of extensions given for submitting demonetised notes.

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In a statement earlier this month, the Supreme Court had said the government can't deny citizens, who have valid reasons, the right to swap the scrapped notes.

A year ago on November 8, Prime Minister Narendra Modi scrapped old Rs 500 and Rs 1,000 currency notes and asked people to deposit the same in banks till December 30, 2016. "Give us the reasons why despite having powers under the law, you did not create a category for those people who couldn't deposit the demonetised notes before December 30, 2016". If people were unable to deposit them by that day, they could do so till March 31, 2017 at RBI branches after complying with certain formalities.

The apex court had asked the central government on July 4 to consider giving another opportunity to those who couldn't exchange their demonetised currency notes.

The apex court has given two weeks time to the Centre and Reserve Bank of India (RBI) to decide on giving more time to people with genuine reasons to deposit the now out of use Rs 1000, 500 notes.

The deadline for the general public to deposit the scrapped currency in bank or post office accounts expired on December 30, 2016.

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