Opening new window for depositing demonetised notes will defeat point of drive: Centre to SC

The Centre told the Supreme Court that opening another window for exchanging Rs 500 and Rs 1,000 demonetised notes will result in "any number of benami transactions and make it difficult to identify genuine cases from the bogus ones".

By: Express Web Desk | New Delhi | Updated: July 17, 2017 9:26 pm
 Demonetisation, Supreme Court, Note ban deposit window, Demonetisation window NPA, Bank NPA, non performing assets, ICRA, ICRA NPAs, Gross NPAs, Economy news, Indian Express

The Centre on Monday told the Supreme Court that allowing people more time to deposit their demonetisation notes will defeat the point of its battle against black money, reported news agency PTI. It added that opening another window for exchanging Rs 500 and Rs 1,000 notes will result in “any number of benami transactions and make it difficult to identify genuine cases from the bogus ones”. Earlier this month, the apex court had asked the Centre to consider giving people, with genuine reasons, one last opportunity to deposit banned notes.

“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 will have had sufficient time and opportunity to carefully plan the reasons and excuses for not depositing the SBNs within the permitted period — before December 30, 2016,” the Ministry of Finance said in an affidavit.

The Centre was responding to Chief Justice of India JS Khehar, who had observed on July 5, “If there is a genuine person, he should have the opportunity if he has failed to deposit for a valid reason. You can’t take his money away, it is his money.” The top court is hearing several appeals from citizens, including one woman who said she could not give in her notes as she was delivering a baby.

Prime Minister Narendra Modi had announced demonetisation of two currencies in November last year, and set a deadline of December 31 for people to deposit or exchange outlawed notes. The drive had resulted in the withdrawal of 86 per cent of India physical currency. The Centre later introduced a new Rs 500 note along with a Rs 2000 note. The aim of the drive was to eliminate black money.

Over six months after demonetised notes were collected by the Reserve Bank, its Governor Urjit Patel informed the Standing Committee on Finance that the “exact amount” of scrapped notes received could not be determined as they were still being counted. He had added that tenders for fresh Currency Verification Processing System (CVPS) machines had been issued to speed up the counting.

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    Pallavi shankar
    Jul 30, 2017 at 8:40 pm
    How come cooperative banks and other banks and post offices were given time till July 20 2017 to deposit old 500 and 1000 rupee notes while the general public were not.This is questionable.
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      Pallavi shankar
      Jul 29, 2017 at 9:57 pm
      There are people who have come across old notes in their houses especially old people For such honest people a second window has to be opened to get back their hard earned money it was told it will be done in July or august 2017.please do something as early as possible
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      1. V
        vatsal
        Jul 18, 2017 at 4:11 pm
        GoI is right. Any excuse can be thought of and given. Even if a person was in hospital he/she could on discharge deposit or ask his kith/kin to deposit in a Bank. Unfortunately in Independent India a culture has developed, "to question any new decision" (why now? why not later? why was not done earlier?). Similarly for stalling AADHAR "privacy" reasons are being advanced (privacy - no privacy - law of land cannot be violated by having two or more PANS. Tis question is to be addressed). Similarly having huge chunks of unaccounted cash or benami properties should be subject to question, "please explain the source". Response cannot be "why this question now", Why no such question was not asked earlier, Why this question cannot be asked later. There has to be in essence an end to end-less debates.
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          Sanjay
          Jul 17, 2017 at 9:58 pm
          The colonial education system is for those who have great inferiority that is why they tend to be criminals. They forgot all good qualities of Hindus they learn to be the master thieves and deny their heritage. They feel more British then Indian. They love the famines what the British ruled by that left India poor. They forgot what is more valued then truth.For truth development occurs a country direction becomes clear. They degrade Hindus whose achievement are second to none from stating the first man was 3.8 million years old, his name was Manu which all languages of the world recognize before the erasing of history done by British colonialist, fanatic Islamist, and other dirty people who believe in a dam book of domination that dare a person cross he would die, and they state first came light and day then earth, and plants and fruits, then the sun and the moon, such debunk trash that earth is flat and six thousand years old. All against science that plunged the world in Dark Ages.
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            WISHWA
            Jul 17, 2017 at 9:50 pm
            GIVE CHANCE TO NRIS LIVING ABROAD WHO COULD NOT COME TO INDIA. OTHERWISE, ALL CURRENCY SHALL GO IN GARBAGE. THANKS
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