Centre not to open window to deposit scrapped notes: SC told

Centre not to open window to deposit scrapped notes: SC told

Earlier in March, when the government passed an ordinance to help people who were overseas, a bench led by Chief Justice of India JS Khehar said: "Prime Minister in his address had said that people with genuine difficulties can deposit the demonetised currency even after December 30, 2016, till March 31, 2017 with the RBI branches".

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 objective of demonetisation, The Times of India reported.

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.

"What if someone is terminally ill and could not deposit the money". It was planned as a crackdown against black money and fake notes. He further warned Centre of issuing a court order if a policy is not introduced to provide the window of opportunity to the people.

During the pendency of the case, demonetisation policy was implemented and therefore, got had no option, but to approach the appropriate court of law to get the old currency exchanged and transferred into the account of his late mother, he said. "It was a mindless move which broke the backbone of farmers and labourers in the nation", Yechury had said last month, demanding the government to release the figures of black money recovered through the exercise.

Justifying its decision not to give any further window, the affidavit said, "The period thus available for everyone to exchange and or deposit the specified bank notes was spread over 51 days (except for closed holidays) unlike the earlier demonetization drive carried out in the year 1978, when it was restricted to six days only". According to several reports, the amount of currency which was turned into non-legal tender amounted to Rs 15.5 crore on November 8 midnight.

The last official estimate from the RBI, shared in mid-December, pegged the returned notes at Rs 12.5 lakh crore.

A few days ago, Reserve Bank of India Governor Urjit Patel told a parliamentary panel that lack of machines and infrastructure has resulted in the delay of counting the demonetised currency in the system. The remarks of Patel drew flak from the Opposition, with Congress vice president Rahul Gandhi advising the government to hire a math tutor for the RBI.