October 22, 2017

Center not in favour of a window to accept demonetised notes

In an unexpected move the Centre has opposed providing another window of opportunity to people to deposit demonetised notes of Rs 500 and Rs 1,000 beyond the December 30, 2016 deadline, saying it would defeat the very purpose of demonetisation. In an affidavit filed with the SC, which is to hear petitions seeking a fresh chance to deposit demonetised notes tomorrow, the Ministry of Finance requested it to dismiss all such petitions. In their affidavit the Finance ministry has cited their reservation that 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 would have had sufficient time and opportunity to carefully plan reasons and excuses for not depositing the SBNs before December 30, 2016.

Taking cognizance of the fact that those having legitimate reasons for not depositing demonetised notes before the December 2016 deadline should be given a window of opportunity, the Supreme Court had on July 4 asked the Centre and RBI to respond to the petitions on the matter. “What if someone was terminally-ill and could not deposit the money?” a Bench headed by Chief Justice of India JS Khehar had asked Solicitor General Ranjit Kumar while hearing the petitions, challenging the December 30 notification disallowing people to deposit demonetised notes.“If someone has a genuine reason, you (government) cannot deny him the opportunity to deposit the money. You cannot be allowed to deprive a person of his money. Don’t force us to quash your notification,” the Bench had told Ranjit Kumar.

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