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

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

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

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. It may be recalled that the Supreme Court had earlier this month asked the central government to help some people who had genuine reasons for not being able to exchange or deposit their old currency notes.

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 goal of demonetisation, The Times of India reported.

It said that "the period November 9, 2016, to December 30, 2016, was fairly a very long period during which any one can either himself or through his authorised agent/third person could have deposited/exchanged the specified bank notes subject to following the prescribed norms". But an ordinance was brought in that declared possession of old notes illegal, which the government said was done to plug the malpractices and irregularities noticed during the first three weeks after demonetisation.

The Supreme Court referred to people, like those in prisons, can not be stopped from exchanging the old notes. Rs 15.5 lakh crore was the value of the outlawed currency - about Rs 15 lakh crore was accounted for in deposits by the end of 2016, said several reports.

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.

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Prime Minister Narendra Modi in 2016 had announced the demonetisation of 500 and 1000 Rs notes with a deadline of December 31 for people to deposit or exchange the old notes.

The central government told the Supreme Court today that no exceptions will be allowed in depositing old currency notes of Rs 500 and Rs 1000 that were demonetized in November a year ago.

The top court is hearing petitions filed by those who were denied permission by the Reserve Bank of India to deposit their money after the deadline. However, the RBI says it has still not determined the exact figure of the returned notes. 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.

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

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