Demonetisation: SC Asks Govt Whether a Window Can be Provided to Deposit Old Rs 500, Rs 1000 Notes

A large number of people couldn't deposit the old Rs 500 and Rs 1000 notes in banks in the stipulated time and the court has asked the executive whether they could be given a chance to exchange the old currency with new.

Edited By: Vaibhav Tiwari

Updated: July 5, 2017, 12:03 AM IST

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https://www.india.com/news/india/demonetisation-sc-asks-govt-whether-a-window-can-be-provided-to-deposit-old-rs-500-rs-1000-notes-2293357/ Copy

New Delhi, July 4: The Supreme Court on Tuesday asked the Central government and the Reserve Bank of India whether they can provide a window to people who couldn’t deposit their old Rs 500 and Rs 1000 notes after the demonetisation move was announced by Prime Minister Narendra Modi. A large number of people couldn’t deposit the old Rs 500 and Rs 1000 notes in banks in the stipulated time and the court has asked the executive whether they could be given a chance to exchange the old currency with new.

The Supreme Court observed that people with genuine reasons should be given another chance, reported ANI. According to reports, CJI JS Khehar said: “If it is my legitimate money and I was absolutely unable to deposit it, how can you deprive me”.

The Central government, meanwhile, has responded to the court’s query, saying it would file an affidavit in this regard with the divisional bench hearing the case. The next hearing of the case will be on July 18.

Prime Minister Narendra Modi last year had announced to do away with old notes of Rs 500 and Rs 1000. He had said that the move was announced to deal with black money and choke terror funding. The government had given a deadline to people for 50 days. A number of people couldn’t exchange the notes due to long queues outside banks. There were many protests outside the RBI headquarters regarding this.

#Demonetisation: “If it is my legitimate money and I was absolutely unable to deposit it, how can you deprive me”, CJI Khehar.

— Bar & Bench (@barandbench) July 4, 2017

The Opposition had tried to corner Modi government regarding the inconvenience faced by people without clear benefits of the move. However, Modi government’s ambitious demonetisation drive brought political dividends to the ruling party, the Bharatiya Janata Party (BJP). The BJP scored a spate of huge electoral victories. One of the reasons for the win, the experts believe, was due to demonetisation.