Can’t give more time to deposit old notes: Centre to SC

Written By: IANS
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    New Delhi, July 17: The Centre told the Supreme Court on Monday it cannot give more time to deposit old currency notes, refusing any breather to those who could not deposit old Rs 500 and Rs 1000 notes by the December 30, 2016 deadline.

    Supreme Court of India

    In an affidavit filed in the Supreme Court, the affidavit, filed by Finance Ministry Under Secretary T. Narasimha said: "The very object of demonetisation and elimination of black money will be defeated if a window is opened for a further period as people in possession of the SBNs (specified bank notes) would have had sufficient time and opportunity to carefully plan the reasons and executed for not depositing the SBNs within the permitted period of December 31, 2016."

    Any number of 'benami' transactions and proxy users for the purpose of producing and depositing the old notes would then arise and the departments would have great difficulty in deciding any genuine case from the numerous bogus ones, it said, and sought dismissal of petitions seeking another chance.

    The Union Finance Ministry's stand came in response to the top court asking the Central government on July 4 to consider giving another opportunity to those who couldn't exchange their demonetised currency notes.

    In the last hearing, the Chief Justice of India had asked the government to consider giving some more time to people who were unable to visit banks for depositing money due to genuine reasons. It had warned the government against issuing orders if it did not do so.

    IANS

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