SC refuses any direction on plea to exchange demonetised notes

SC refuses any direction on plea to exchange demonetised notes

SC refuses any direction on plea to exchange demonetised notes

On July 4, the apex court had sought to prevail on the Centre to open a fresh window for exchanging scrapped Rs 500 and Rs 1,000 notes if people could establish that the money was theirs and they had a genuine reason for not changing it before December 30.

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 objective of the exercise. According to the NDTV, government told the Supreme Court of India that one such window will defeat the very objective of demonetisation to curb black money from the system.

Past year 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.

In response to this, the government responded that such a chance would open doors for "any number of benami transactions", making it hard for the departments to separate "genuine cash from bogus ones", the report stated.

Compared to the 1978 demonetisation exercise, where citizens were given only six days to deposit their old notes, the 2016 one gave the people "fairly a very long period" to deposit their old notes.

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

"If opportunity is given it would defeat the objective of demonetisation and elimination of black money", Centre said in its affidavit to the top court, reported NDTV.

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Prime Minister Narendra Modi in 2016 had announced the demonetisation of 500 and 1000 Rs notes with a deadline of December 31 for people to deposit or exchange the old notes. "The cases allegedly involve total amount of Rs 395.19 crore", it said.

The government had assured the people that demonetised currency notes could be exchanged at banks, post offices and RBI branches till December 30, 2016.

The 50-day deadline to deposit the old Rs 500 and 1,000 notes in banks comes to an end on December 30.

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.

The RBI is yet to release the official figures of the demonetised currency which was deposited in banks between November 10 to December 30.

Doing so would have defeated the very goal of demonetisation, the government said.

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