SC to Modi govt: Why not give March 31 extension to all to deposit old notes
By Team Legistify / 2017-03-24

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NEW DELHI: The old notes was smacked of arbitrariness and sought to know why categories other than those travelling abroad were not being allowed to do so.

A bench led by demonetisation and subsequent notification of the federal bank that devalued currency notes can be exchanged at RBI offices even up to March 31, 2017 were valid assurances which stood breached by the ordinance, the counsel for petitioner, Sudha Mishra, had said.

The plea has alleged that the Prime Minister and the RBI had assured the people at large that demonetised currency notes can be exchanged at banks, post offices and RBI branches till December 30, 2016 and if people are unable to deposit them by that day then they can do so till March 31, 2017 at RBI branches after complying with some formalities.

The petitioner has referred to the Specified Bank Notes Cessation of Liabilities Ordinance and said it had breached the assurance.

The Ordinance said that only those who were abroad, the armed forces personnel posted in remote areas or others who can give valid reasons for not being able to deposit the cancelled notes at banks, can deposit the demonetised currency notes of Rs 500 and Rs 1,000 currency notes till March 31 this year after the deadline expired on December 30, 2016.

The Centre had come out with the Ordinance making possession of a large number of scrapped notes a penal offence that will attract monetary fine.

Of the Rs 15.4 lakh crore worth of currency that was scrapped, about Rs 14 lakh crore has been deposited in banks or exchanged till December 28.

News Courtesy - Economic Times


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