Why centre should not open the window to exchange old notes

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There has been clear misuse of the window offered by the government to exchange old currency. Out of the Rs 610 crore of unaccounted money seized post demonetisation Rs 110 crore was in new notes.

The raids conducted found that Rs 110 crore seized were the new Rs 2,000 and 500 notes.

Why centre should not open the window to exchange old notes

The centre put out these statistics before the Supreme Court while explaining its reluctance to once again open the window to exchange old currency. The SC had asked the centre to tell it whether it would be possible to open the window again for genuine cases.

The centre during arguments in the Supreme Court said that the new currency seized by police and income tax officials was partly generated through routes such as petrol pumps, railway and airline ticketing and toll plazas where denotified notes were accepted and also the handiwork of a section of crooked bank officials who exchanged notes illegally.

The centre said that the seizure of Rs 110 crore in new currency is an indicator that the exchange window should not be opened up again. There were at least 1,100 raids conducted post demonetisation. Most of these cases are being probed by the Central Bureau of Investigation and the Enforcement Directorate.

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