Consider more time for changing old notes, says SC

Demonetised Rs 500 currency India Tv

Demonetised Rs 500 currency India Tv

Yes, in a big relief to all those who are bearing the brunt of demonetisation, the Supreme Court had asked the government and the RBI whether a window could be provided to people who couldn't deposit their old Rs 500 and Rs 1000 notes.

The applicants have sought directions from the apex court to the Centre to allow people to deposit old currency notes of Rs 500 and 1,000. "We want to know why you chose to bar such person from depositing money", said the bench. Suppose a person was in jail during the period.

"You can't take away my money if I was terminally ill", the SC bench said, while coming down heavily on the Centre on its arbitrary and rather short-sighted deadline of December 30, 2016 to deposit all the old notes.

The plea at the SC is being heard by a bench comprising Chief Justice JS Khehar and Justices DY Chandrachud and SK Kaul.

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The Solicitor General sought time to seek instructions for granting an opportunity to persons to deposit their money on a case-by-case basis. The center, in the apex court, agreed to review the genuineness of each case where people still have the scraped notes.Reviewing the case, the Supreme Court said, "You can not trash a person's genuine hard-earned money and let it go waste like this". As per the rule, if the people who couldn't depsit the old notes in banks could still do it till March 31, 2017 at RBI branches.

The apex court has given two weeks time to the central bank and the centre to consider the option of granting a window to deposit old notes.

Read |SC to Centre: Why was deadline for depositing demonetised notes changed? The Center gave until 31st December for people to exchange their money through any bank across the country or deposit it in their accounts.

For one, the government stands on a strong legal ground here, after the passage of the Specified Bank Notes Bill in February, which ended the liability of these currency denominations between the RBI and the government. Most of those who have gone overseas with the banned Indian currencies were unable to exchange their old notes.

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