Why bar a person from depositing demonetised notes? Supreme Court to government

The apex court has given two weeks time to the Centre and Reserve
Bank of India to decide on giving more time to people with genuine reasons to deposit the now out of use Rs 1000 500 notes

The apex court has given two weeks time to the Centre and Reserve Bank of India to decide on giving more time to people with genuine reasons to deposit the now out of use Rs 1000 500 notes

The Supreme Court has asked the Centre and the Reserve Bank of India to see if it is possible to provide a window for genuine cases to deposit their old Rs 500 and Rs 1,000 demonetised notes.

The central government had on November 8 a year ago announced that Rs 500 and Rs 1,000 notes would no longer be legal tender from November 9.

The Centre virtually agreed before the apex court that it is ready to examine "the genuineness of each case" involving people who still have old currency 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".

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

"If you are not giving a person, who could not deposit their money for genuine reasons, another chance, then it raises a serious issue".

The bench said there are people who could not deposit their old currency note during the December 30 deadline - like those in prison. The division bench directed the government to file an affidavit in the case within two weeks, scheduling the next hearing for July 18. "But you do not want to... we want to know why you want to debar genuine persons... why you want to deprive them of their property?" asked Chief Justice Khehar.

Third, even if the Supreme Court has its way and the government offers another window to the citizens to deposit their old notes, it is likely to be a hard task even to the honest cash holder to explain why he or his family could not do so by 30 December.

The centre had recently informed the apex court about the "conscious decision" not to increase the period beyond December 30 past year for exchange of the demonetized currency notes.

The apex court had on March 6 sought responses of the Centre and RBI on why demonetised notes were not accepted till March 31 as was promised. It gave citizens until December 31 to return their old currency notes.+. Since these have now ended, those who could not deposit these notes are holding on to their old currency stick.

The centre had also assured that if some people were unable to exchange the notes on time, they could do so until March 31, 2017, at RBI branches.

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