Tuesday, July 18, 2017

No more chances to exchange demonetized notes: Centre tells Supreme Court

The Centre on Monday informed the Supreme Court that it will not offer any more chances to deposit or exchange demonetized notes to those who missed the December 30 deadline.

The government asserted that granting any further grace period for depositing banned currency notes will defeat the purpose of demonetisation, which was done as an exercise in eliminating black money.

"The very object of demonetisation and elimination of black money will be defeated if a window is opened for a further period as the persons in possession of the specified bank notes (scrapped notes of Rs 1,000 and Rs 500) will have had sufficient time and opportunity to carefully plan the reasons and excuses for not depositing the SBNs within the permitted period -- before December 30, 2016," the Ministry of Finance said in an affidavit presented in the Supreme Court earleir in the day.

On July 4, the apex court had sought to prevail on the Centre to open a fresh window for exchanging scrapped Rs 500 and Rs 1,000 notes if people could establish that the money was theirs and they had a genuine reason for not changing it before December 30.

The government had previously ignored the SC's inquiries on earlier occasions and solicitor general Ranjit Kumar had cited data regarding misuse of exchange of old currency provisions to the court during the July 4 hearing.

But the bench headed by Chief Justice J S Khehar argued that genuine cases should not be punished by turning hard-earned money into trash and gave the Centre two weeks to come back with a proposal.

Source:-The Times of India

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