SC seeks report from Centre, RBI over giving one more chance to people to exchange old notes

Supreme Court of India.

New Delhi, July 4: The Supreme Court of India asked the government of India and the Reserve Bank of India, whether a window can be provided for people who couldn’t deposit their old Rs 500 & Rs 1000 notes. The Supreme Court has given two weeks time to the Centre and the RBI to take a decision and inform the Court.

While hearing the demonetisation case, the Court has opined that, if there is enough reason for the exchange of old notes, is shall be allowed to the public. Most of those who have gone abroad with the banned Indian currencies were unable to exchange their old notes. If the Central government and the RBI reach a consensus that it could give one more chance to exchange the old notes it would widely help those who were unable to do it during the stipulated time after demonetisation.

Rebuking the Centre for setting up a deadline for depositing demonetised currency, the apex court observed, “One cannot make people suffer if they have genuine reasons, should be allowed to deposit old notes”.

The Supreme Court today asked the Central 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 Central government told the division bench of the Apex Court today that it would file an affidavit in the case

The apex court was hearing a petition filed by advocate Sudha Mishra and others seeking a direction from it in connection with the deposit of old currency notes of Rs. 500 and 1,000.

Following the announcement of demonetizing currency notes worth Rs. 500 and 1,000 in November last year, the Government had instructed people to deposit their old currency notes with the RBI till December 30, 2016.