Published: Mon, July 17, 2017
Health Care | By Oscar Goodwin

Centre not to open window to deposit scrapped notes: SC told

Centre not to open window to deposit scrapped notes: SC told

It was replying to the Supreme Court's appeal to open a window for genuine people, like the terminally ill and invalids, to name a few, who were unable to deposit their demonetised ₹1,000 and ₹500 notes between November 9 and December 30 previous year. Government further told the apex court that the time-period provided between November 10 to December 30 was sufficient for the people to exchange, or deposit their old currencies in the banks.

The Centre on Monday filed an affidavit in the Supreme Court over the demonetisation row, saying it was not ready to extend the window period for depositing old currency notes.

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.

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"In other words, what was permitted was exchange and or deposit of specified bank notes during a block period a period up to and including December 30, 2016, either in person or through authorised third person", it said. It was planned as a crackdown against black money and fake notes. It added that opening another window for exchanging Rs 500 and Rs 1,000 notes will result in "any number of benami transactions and make it hard to identify genuine cases from the bogus ones".

The demonetisation of high denomination notes was announced on November 8.

The prime minister, in a televised address to the nation on November eight previous year had declared that high denomination notes of Rs 500 and Rs 1000 would no longer be legal tender. Earlier in March, when the government passed an ordinance to help people who were overseas, a bench led by Chief Justice of India JS Khehar said: "Prime Minister in his address had said that people with genuine difficulties can deposit the demonetised currency even after December 30, 2016, till March 31, 2017 with the RBI branches". Similarly, the Income Tax department conducted more than 15,000 surveys which resulted in detection of undisclosed income of more than ₹33,000 crore.

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The government had assured the people that demonetised currency notes could be exchanged at banks, post offices and RBI branches till December 30, 2016.

These, the government said, forced the government to cancel or restrict exemptions granted.

People, however, still had time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.

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