Published: Mon, July 17, 2017
Sport | By Gary Shelton

Can't afford another window to deposit banned notes: Centre tells Supreme Court

Can't afford another window to deposit banned notes: Centre tells Supreme Court

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.

In response to this, the government responded that such a chance would open doors for "any number of benami transactions", making it hard for the departments to separate "genuine cash from bogus ones", the report stated.

The Centre was responding to the July 4 directive asking it to consider granting a window to those who have not been able to exchange the scrapped notes for genuine reasons.

The government said that it had come across a huge amount of malpractices in the post-demonetisation period.

People queued up in front of banks to deposit their old notes after demonetisation was announced.

The top court asked the federal government and the Reserve Bank of India (RBI), whether a window can be provided to the people who could not deposit their old Rs. 500 and 1,000 currency notes.

The specified category included those travelling overseas and NRIs etc.

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According to reports, the Chief Justice of India JS Khehar was concerned about the honest citizens and said, "If these genuine people are not given a chance, then it is a serious issue".

The federal government told the division bench of the apex court that it would file an affidavit in the case. "It was a mindless move which broke the backbone of farmers and labourers in the nation", Yechury had said last month, demanding the government to release the figures of black money recovered through the exercise.

The government argued that none of those seeking such a window has given any valid ground as to why they could not deposit the specified bank notes through his or her authorised third person.

In other words, what was permitted was exchange and or deposit of specified bank notes during a block period either in person or through authorised third person.

Those holding such notes illegally also traded them for gold, buying tickets and paying school fees, purchases without bills, etc.

There were many appeals filed by various citizens in the Supreme Court regarding their inability to deposit old currency notes.

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