Those with old currency hold on: SC will decide in July on exchange

The petitioners had cited the Prime Minister's speech in which it was stated that a window of opportunity would be given after the December 31 deadline.

Those who have left over demonetised notes could wait in hope till July. The Supreme Court said that it would take a final call in July whether demonetised currency could be exchanged or not. The Supreme Court would be breaking for vacation and would resume in July.

The Supreme Court on Tuesday said that it would decide first if the window to deposit old notes could be extended or not. The court also said that it would take a call on individual cases after the first point is decided.

In a major blow to those still possessing demonetised notes, the centre had told the Supreme Court that it cannot extend the date to deposit the same. Those who have demonetised notes will lose it, the centre submitted in the court. The court is hearing a batch of petitions seeking a directive to the centre to extend the date to deposit demonetised notes.

The petitioners had cited the Prime Minister's speech in which it was stated that a window of opportunity would be given after the December 31 deadline. It was stated that the centre had promised that demonetised notes could be deposited in the Reserve Bank of India until March 31. However the RBI refused to accept the notes the petitioners alleged.

While the SC asked the government if it could consider these pleas, the Attorney General of India said that it could not be done. The AG cited the law that was passed post demonetisation and said that the date could not be extended. The AG said that the decision was taken to prevent black hoarders from exchanging their notes.

OneIndia News