SC to Govt: Why can't RBI accept scrapped notes till March 31

Attorney General Mukul Rohatgi argued in the court that PM's speech became irrelevant by ordinance issued on December 30 2016.

New Delhi, March 21: The Supreme Court has sought a reply from the Centre with regards to the Reserve Bank of India refusing to accept old demonetised currency notes of Rs. 500 and Rs 1,000, post December 31, 2016.

Prime Minister Narendra Modi had during his speech announcing demonetisation on November 8 informed citizens that they can deposit demonetised currency notes at specific branches of RBI up to March 31, 2017, if they were unable to deposit the notes before December 31, 2016.

Attorney General Mukul Rohatgi argued in the court that PM's speech became irrelevant by ordinance issued on December 30, 2016. He added that The notification does not create any rights and is any way replaced by the ordinance. He also mentioned that, "Some of the petitioners' reasons for not submitting the amount appeared to be very cagey."

The RBI said that it will exchange notes for only those who were not present in India from November 8, 2016 to December 31, 2016.

The matter is to come for hearing next on April 11.

OneIndia News