note demonetisation

Giving more time to deposit old notes will defeat the purpose of demonetisation, Centre tells SC

The government said opening a new window would give black money hoarders ‘sufficient time’ to come up with an excuse for not having submitted the bills.

The Centre on Monday told the Supreme Court that it will not grant citizens more time to deposit or exchange old currency notes, saying it will defeat the whole purpose of demonetisation, The Times of India reported.

The government had given people time till December 30, 2016, to deposit or exchange their Rs 500 and Rs 1,000 notes at post offices and banks after they were demonetised on November 8, 2016. The deadline to deposit the bills at the Reserve Bank of India was March-end 2017.

In its affidavit to the top court, the centre said opening another window to deposit or exchange the old notes would give black money hoarders “sufficient time and opportunity” to come up with reasons for not having done so before the December 30 deadline.

On July 4, the Supreme Court had asked the Centre to give citizens with “genuine reasons” another chance to deposit the demonetised Rs 500 and Rs 1,000 bills. The bench had directed the government to file an affidavit in the case within two weeks.

Chief Justice JS Khehar and Justice DY Chandrachud had said that the Centre cannot deny people the right to exchange the invalid currency.

The demonetisation of Rs 500 and Rs 1,000 notes in November 2016 had caused a cash crunch in the country as the bills had made up nearly 86% of the currency in circulation then.

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