Won't accept old notes, center tells Supreme Court

Won't accept old notes, center tells Supreme Court

Won't accept old notes, center tells Supreme Court

Earlier this month, the top court had asked the centre to consider a final window to benefit those with a genuine reason for not turning in the outlawed notes by the end of previous year, the deadline that was set by the RBI after Prime Minister Narendra Modi's shock announcement on demonetisation.

People queued up in front of banks to deposit their old notes after demonetisation was announced. It was planned as a crackdown against black money and fake notes.

There were many appeals filed by various citizens in the Supreme Court regarding their inability to deposit old currency notes.

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Compared to the 1978 demonetisation exercise, where citizens were given only six days to deposit their old notes, the 2016 one gave the people "fairly a very long period" to deposit their old notes.

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.

The affidavit further said that large quantities of new notes were also seized indicating the exchange of old currency cash with new currency circumventing the rules. However, the RBI says it has still not determined the exact figure of the returned notes. 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".

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Earlier, the apex court on March 6 had issued notices to the Centre and RBI on the petitions alleging tweaking of rules on exchanging demonetised currency notes.

In a meeting with the parliamentary committee on Wednesday last week, RBI governor Urjit Patel said the number of scrapped notes returned post demonetisation were still being counted.

Doing so would have defeated the very goal of demonetisation, the government said.

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However, the Ordinance, issued on December 30 last, 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 currency notes till March 31.

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