Sport

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

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

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.

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

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.

"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 Prime Minister, in a televised address to the nation on November eight previous year had declared that high denomination notes of Rs 500 and Rs 1000 would no longer be legal tender. According to the NDTV, government told the Supreme Court of India that one such window will defeat the very goal of demonetisation to curb black money from the system.

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As a result of the raids and other strict measures enforced, more than Rs 610 crore in cash (Rs 513 crore in old notes) and valuables were seized by the IT Department and other government agencies.

There have been instances earlier when the Chief Justice has asked the government to help genuine citizens. The deadline to deposit the bills at the Reserve Bank of India was March-end 2017.

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

However, the Ordinance issued on December 30, 2016 had specified that only those who were overseas or armed forces personnel posted in remote areas or others who could give valid reasons for not being able to deposit the cancelled notes at banks, could deposit the demonetised currency notes of Rs 500 and Rs 1,000 till March 31. On being asked by the Parliamentary Standing Committee on Finance to reveal the amount of demonetised currency which was deposited between November 8 to December 30, RBI Governor Urjit Patel said the counting is still underway. A shortage of currency forced long lines at banks as people queued up to return old notes or exchange them for the new Rs 500 and Rs 2,000 notes that were introduced with high security features.


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