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.

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  1. V
    vihari naidu
    Jul 4, 2017 at 7:46 pm
    At least SC had the commonsense which our politicians and bureaucrats lack. Its a shame that the Prime Minister has to say that the deadline would be extended on live TV and then go back on the promise. Hope RBI doesn't limit the exhange of old notes only to their head offices in State capitals. No bhakt in India wonders how rural and tribal people could reach state capitals from remote areas.
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    1. V
      vihari naidu
      Jul 4, 2017 at 7:43 pm
      At least SC had the commonsense which our politicians and bureaucrats lack. Its a shame that the Prime Minister has to say that the deadline would be extended on live TV and then go back on the promise. Hope RBI doesn't limit the exhange of old notes only to their head offices in State capitals. No bhakt in India wonders how rural and tribal people could reach state capitals from remote areas.
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        Ash
        Jul 4, 2017 at 7:40 pm
        Haven't seen a bigger mess tnan this before.On 8 Nov2016,PM had said that one could continue to deposit cash at Rbi till 31/3/2017.Sometime in the last week of Dec,this window was closed.The change was not widely known due to insufficient broadcast of news.I ,who followed the demonetisation news continuously on the net was under the 'mistaken 'impression that PM pledge of 8 Nov was still valid. So is it a surprise that a large portion of India was caught in this trap of foreclosing the window.What was the need to foreclose?In effect Modi sarkar gave only 7 weeks to convert.The pain and harassment has fallen on the lagely innocent and law abiding.A poor rural woman was left crying outside RBI ,Bombay,because RBI refused to change her small RS 5000.Now 6 months later,govt has cleared deposits by cooperative Banks,post offices holding old notes.These amount to more than10000Cr.Govt only reacts to big money!Refused poor woman's request for RS 5000,but willing to accept 10000 Cr from rich.
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          Namasivayam Chokkalingam
          Jul 4, 2017 at 6:36 pm
          Many pensioners living abroad are very likely to possess these bills so that they can be readily available when they visit India next time. Some of them may even have the bills in many thousands. They justifiably expect the SC to rule in their favor.
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          1. S
            Sabino
            Jul 4, 2017 at 6:21 pm
            One of genuine cases is money left behind under lock back home by NRIs or people of Indian origin. It could be Rs 5K, 10K or 30K, not in lacs. They could not have travelled to India by paying ticket around one lac to recover above small amounts
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            1. M
              module
              Jul 4, 2017 at 6:09 pm
              Thanks to Indian Express, TOI will not certainly publish this type of news. They are totally sold to BJP. Impartial news with intervention of wrong doing is good for the country and to any democracy.
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                Parth Garg
                Jul 4, 2017 at 5:57 pm
                Even a condemn prisoner is given a chance to file a mercy pe ion before the President. Here the money belonged to the Indian citizens and they would be open to scrutiny by the government. Let the process be hassle free.
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                  Praveen Keshrani
                  Jul 4, 2017 at 5:31 pm
                  By such intervention SC will help wrong doers not to honest
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                    Ash
                    Jul 4, 2017 at 7:42 pm
                    SC should have intervened much earlier!
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