Demonetisation: Centre, RBI to tell SC in two weeks if ‘genuine’ individuals can still deposit old 500, 1000 notes

The Supreme Court had asked the government and the RBI whether a window could be provided to people who couldn't deposit their old Rs 500 and Rs 1000 notes.

By: Express Web Desk | New Delhi | Updated: July 4, 2017 11:50 am
demonetisation, demonetisation reform, big bang reform, indian reforms, 2016 reforms, PLY, what is PLU, people like us, demonetiation effects, pm modi, narendra modi, Demonetisation 2016, Congress, note ban, rs 500 ban, rs 1000 ban, indian express news, india news, indian express column The Supreme Court had asked the government and the RBI whether a window could be provided to people who couldn’t deposit their old Rs 500 and Rs 1000 notes. (Representational image)

The Union government and the Reserve Bank of India will within two weeks inform the Supreme Court if genuine individuals who could not deposit their money during demonetisation can still be allowed to do so. The Supreme Court had asked the government and the RBI whether a window could be provided to people who couldn’t deposit their old Rs 500 and Rs 1000 notes.

Earlier this year, the Centre had informed the Supreme Court that it has taken a ‘conscious decision’ not to extend the period beyond December 30 last year for exchanging the demonetised currency notes. It had said it was not legally bound to come out with a fresh notification to grant grace period or window for depositing scrapped currency notes.

In April this year, the apex court said that it would hear the matter after the summer vacation. A bench comprising Chief Justice JS Khehar and Justices DY Chandrachud and SK Kaul said the matters be fixed for hearing after the summer vacation as counsel for the petitioner had sought time to respond to the recent reply of the Centre on the issue. The Centre had filed an affidavit in response to petitions by private individuals and a firm seeking a window like those given to NRIs and people who were abroad during the period of demonetisation to deposit the scrapped currency notes with the Reserve Bank of India, news agency PTI reported.

Video of the day

For all the latest Business News, download Indian Express App

    Live Cricket Scores & Results