1. Demonetisation: SC asks Narendra Modi government to mull option on accepting old Rs 500, Rs 1,000 notes

Demonetisation: SC asks Narendra Modi government to mull option on accepting old Rs 500, Rs 1,000 notes

Demonetisation: Supreme Court on Tuesday granted 2-weeks time to Centre to mull over an option on providing a window to those who could not deposit demonetised notes due to valid reasons, Press Trust of India reported.

By: | New Delhi | Updated: July 4, 2017 12:44 PM
demontisation, rs 500 notes, rs 1000 notes, old currency notes exchange, exchange of old currency notes, currency notes exchange, supreme court order on exchange of old notes Supreme Court on Tuesday granted 2-weeks time to Centre to mull over an option on providing a window to those who could not deposit demonetised notes due to valid reasons

Demonetisation: Supreme Court on Tuesday granted 2-weeks time to Centre to mull over an option on providing a window to those who could not deposit demonetised notes due to valid reasons, Press Trust of India reported. A Supreme  Court bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud asked Solicitor General Ranjit Kumar,  representing the Centre, to take instructions on the issue. “There can be a situation where a person has lost his/her money for no fault. Suppose a person was in jail during the period… We want to know as to why you chose to bar such persons,” the bench was quoted as saying by PTI.  The solicitor general then sought time from top court to seek instructions government for granting an opportunity to persons to deposit their money on a case-by-case basis. The bench made instructions while hearing a batch of petitions, including one filed by Sudha Mishra seeking a direction to authorities to allow her to deposit demonetised notes as she could not do so during the period specified by the Centre and the RBI.

In a historic decision, Prime Minister Narendra Modi had on November 8, 2016, announced the move to demonetise the high-value currency notes of Rs 1,000 and Rs 500 which made up 86% of the money in circulation. The prime minister, who appeared on TV to announce the move, had termed the move a fight against black money, corruption, and counterfeit notes that are also used by certain forces to fund terrorist activities. The government had further given a time period of 50 days to exchange old currency notes at banks, post offices and RBI branches till December 30, 2016. In certain case, people were allowed make deposits till March 31, 2017 at RBI branches after complying with certain formalities.

Earlier, in a notification, the government had allowed banks and post offices to exchange old Rs 500, Rs 1,000 notes that are no longer in circulation with the Reserve Bank of India (RBI) by July 20, only if these notes were collected by December 30 last year.

  1. No Comments.

Go to Top