SC notice to Centre, RBI over plea on depositing old notes

21 March, 2017, 13:36 | Author: Valerie Burke
  • The Rs10 notes would be the first ones in India which would be printed on plastic instead of paper

The Prime Minister's address to the nation on the evening of November 8 a year ago on demonetisation and subsequent notification of the federal bank that devalued currency notes can be exchanged at RBI offices even up to March 31, 2017 were valid assurances which stood breached by the ordinance, the counsel for petitioner, Sudha Mishra, had said.

However, the court observed that the notification banning the notes indeed said, those unable to deposit old notes by 30 December, will be given chance beyond that date.

The Chief Justice of India, J S Khehar said, that the government has used its discretion on short notice to permit one category only, even though the law allows the govt to prolong the relief to other categories as well.

The next hearing in the case will be held on April 11.

Attorney General Mukul Rohtagi, however, informed the bench that PM Modi's promise to extend grace period after Dec 30 for deposit of old notes was overridden by an ordinance.

The pPrime minister's speech gave hope to those in difficulty to deposit demonetised currency by March 31.

The Supreme Court on Tuesday issued a notice to the Centre, asking it to file a reply within two weeks on the PIL filed by a person named Sharad Mishra, claiming that people are not being allowed to deposit their old currency notes till March 31 as promised by the ruling dispensation. They could do so at RBI designated centres to avoid questioning or inquiries.

The move to demonetise notes of Rs 500 and Rs 1000 was announced overnight on November 8, 2016 after by Prime Minister Modi.

After preponing the deposition of currency to December 30, the government stated that citizens travelling overseas during the demonetisation period will be only allowed to deposit the banned currency in the RBI office with the subject to verification.

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