Demonetisation: Can't ban people from depositing old notes, says Supreme Court

Demonetisation: Can't ban people from depositing old notes, says Supreme Court

There is little chance that the Supreme Court's exhortation to the government and the Reserve Bank of India (RBI) to give another chance to people to deposit their old and invalidated Rs 500 and Rs 1,000 notes in banks, will result in any relief to the "honest" citizen.

In his November 8 speech, Prime Minister Narendra Modi said that those facing genuine difficulty in depositing demonetised notes by December 30 would get a chance to deposit them till March 31.

Well, as of now the government has agreed on the guidelines of the apex court that it is ready to examine "the genuineness of each case" involving people who still have old currency notes. "You can't take away my money if I was terminally ill", the Supreme Court bench said while slamming the government over its December 30 deadline to deposit old notes in banks. "We want to know as to why you chose to bar such persons", the bench said.

"We are also hearing only genuine cases where we are satisfied deposit can not be done because there is no window", the Chief Justice said.

Noting the government can not seek to deny its citizens of their own property, SC said it is a serious issue if people with bonafide reasons are denied another chance.

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The court had earlier pulled up the government for providing inadequate options to people for getting rid of old notes.

The Supreme Court asked the central government to respond within two weeks on this matter.

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.

The Ordinance said only those who were overseas, 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 demonetised notes till March 31 this year after the deadline expired on December 30, 2016.

While people were given time till December 30, 2016, to exchange the notes at post offices and banks, the deadline to deposit them at the Reserve Bank of India was March-end.

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