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

No More Chances Can Be Given To Deposit Or Exchange Old Currency Notes To The Ones Who Missed The Deadline Of December 30, The Centre Told The Supreme Court On Monday.

News Nation Bureau | Edited By : Vivek Arya | Updated on: 17 Jul 2017, 11:24:26 PM
Demonetisation: Can’t give more time to deposit banned currency notes, Centre tells SC (Source: PTI)

New Delhi:

No more chances can be given to deposit or exchange old currency notes to the ones who missed the deadline of December 30, the Centre told the Supreme Court on Monday.

The Centre backed their stand by saying if the government gives more time to deposit demonetised notes, then the purpose of the whole demonetisation campaign will be of no use.

The Ministry of Finance’s affidavit presented in the Supreme Court on Monday stated, "The very object of demonetisation and elimination of black money will be defeated if a window is opened for a further period as the persons in possession of the specified bank notes (scrapped notes of Rs 1,000 and Rs 500) will have had sufficient time and opportunity to carefully plan the reasons and excuses for not depositing the SBNs within the permitted period -- before December 30, 2016."

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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.

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.

“There can be a situation where a person has lost his/her money for no fault. Suppose a person was in jail during the period... We want to know as to why you chose to bar such persons,” the bench said.

ALSO READ | SC's demonetisation poser to Modi govt: Why can't 'genuine' people be given another window to deposit old currency notes

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First Published : 17 Jul 2017, 11:11:00 PM