The government had given people time till December 30, 2016, to deposit or exchange their Rs 500 and Rs 1,000 notes at post offices and banks after they were demonetised on November 8, 2016.
One last opportunity to deposit the 500- and 1,000-rupee notes that were banned in November will defeat the whole point of demonetisation as well as the battle against black money, the government told the Supreme Court today.
Doing so would have defeated the very goal of demonetisation, the government said.
It may be recalled that the Supreme Court had earlier this month asked the central government to help some people who had genuine reasons for not being able to exchange or deposit their old currency notes.
In response to this, the government responded that such a chance would open doors for "any number of benami transactions", making it hard for the departments to separate "genuine cash from bogus ones", the report stated.
"... Going by the extent and enormity of the malpractices observed during post-demonetisation period, it is apparent that in case a fresh opportunity is offered for exchange of SBNs, it would lead to rampant illegal trading of these SBNs (that is, the SBNs being traded at discounts) thereby defeating the very objective of demonetisation".
As a result of the raids and other strict measures enforced, more than Rs 610 crore in cash (Rs 513 crore in old notes) and valuables were seized by the IT Department and other government agencies.
The SC-bench led by Chief Justice of India JS Khehar said government would be acting in an unjustified manner, it it disallows those who were "genuinely unable to meet the December 30 deadline". Earlier in March, when the government passed an ordinance to help people who were overseas, a bench led by Chief Justice of India JS Khehar said: "Prime Minister in his address had said that people with genuine difficulties can deposit the demonetised currency even after December 30, 2016, till March 31, 2017 with the RBI branches". An under-secretary in the Finance Ministry has filed the affidavit.
The government said demonetisation lay bare the under-current of black money crippling the country. Suppose a person was in jail during the period.
The government argued that none of those seeking such a window has given any valid ground as to why they could not deposit the specified bank notes through his or her authorised third person.
The apex court has given two weeks time to the Centre and Reserve Bank of India (RBI) to decide on giving more time to people with genuine reasons to deposit the now out of use Rs 1000, 500 notes.
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