Govt's no to fresh chance for depositing scrapped notes

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

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

Allowing a new opportunity to deposit the banned notes would result in "any number of benami transactions" and make it hard for departments to distinguish "genuine cases from bogus ones", the centre warned.

The government said that it had come across a huge amount of malpractices in the post-demonetisation period. There was gross abuse of the exemptions granted for use of old SBNs.

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 specified category included those travelling overseas and NRIs etc.

SC had asked the government to consider creating a window for people with legitimate reasons to deposit scrapped notes. The bench had directed the government to file an affidavit in the case within two weeks. An under-secretary in the Finance Ministry has filed the affidavit. "The period thus available for everyone to exchange and or deposit the specified bank notes was spread over 51 days, except for closed holidays, unlike the earlier demonetisation drive carried out in the year 1978, when it was restricted to six days only", it said.

In Naxal-hit areas, contractors, jewellers, transporters, petrol pump owners, small businessmen, couriers, commission agents and tendu patta contractors were used for exchanging old notes, said the ministry, adding that currency was also moved across the border to Bhutan and Nepal for exchange. Suppose a person was in jail during the period.

If there is a genuine person, he should have the opportunity if he has failed to deposit for a valid reason.

It had asked the government to consider creating a window for people with such legitimate reasons to deposit scrapped notes.

The Centre said in many cases, in order to avoid depositing of cash in own accounts directly, money was routed through accounts of shell companies and was layered through "intermediaries" accounts before being received in accounts of bullion traders.

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