Home » Sport

No fresh window for note exchange: Government

17 July, 2017, 23:39 | Author: Alberta Rodriguez
  • Can't afford another window to deposit banned notes Centre tells Supreme Court

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.

Recommended:

  • Olympic champions Kipruto and Braz hit trouble at Rabat Diamond League

    Olympic champions Kipruto and Braz hit trouble at Rabat Diamond League

    However, prior to the national trials, Kipruto had ran a world lead of 8:04 at the Rome Diamond League meeting on June 8. Olympic shot put champion Ryan Crouser appears an unstoppable force as he heads towards the London World Championships .
    Announcing the LinkedIn app for Windows 10

    Announcing the LinkedIn app for Windows 10

    According to ZDNet , PCs running on Intel's Atom Clover Trail processors are now unsupported by the Windows 10 Creators Update . The app collection is now available for download from the Windows Store for users of Surface Dial.

    ITV appoints easyJet's McCall as CEO

    Carolyn has also held non-executive director roles with Lloyds TSB (2008 - 2009), Tesco (2005 - 2008) and New Look (1999 - 2005). Crozier, who has been at the helm of broadcaster for seven years, announced his departure from the company back in May.
  • National Hurricane Center: Two Tropical Cyclones May Form Over Atlantic

    National Hurricane Center: Two Tropical Cyclones May Form Over Atlantic

    The hurricane center said the storm could develop more over the day or two as it reaches the Lesser Antilles in the Caribbean. Showers and thunderstorms are developing near the center of this system and it looks like further development is possible.
    Bob Wolff, legendary sports broadcaster, dies at 96

    Bob Wolff, legendary sports broadcaster, dies at 96

    In addition to his work with the Knicks and Rangers, Wolff was part of the team for NBC's baseball "Game of the Week" broadcasts. A native of New York City, Wolff attended Duke University and broadcast Blue Devils baseball games on the radio.
    Jose Quintana stellar in Cubs debut

    Jose Quintana stellar in Cubs debut

    Quintana was outstanding in striking out 12 Orioles over seven innings while surrendering only three hits without issuing a walk. Now, Chicago will try for more offense when the defending World Series champions continue a three-game series with Baltimore.
  • North Korea showdown as Kim and MORTAL ENEMY set for explosive meeting

    North Korea showdown as Kim and MORTAL ENEMY set for explosive meeting

    Congress in 2013 required the Defense Department to research a third site for ground-based interceptors to defend the U.S. China has claimed the system could be used to intercept 1 of its own missiles.
    Stress Of Poverty, Racial Inequities May Raise Risk For Alzheimer's Disease

    Stress Of Poverty, Racial Inequities May Raise Risk For Alzheimer's Disease

    Stress is linked to social disadvantage and members of minority groups tend to suffer disproportionately from these disadvantages. The two other studies found higher risk for dementia in people born in states marked by high infant mortality rates.

    Macron and Trump extol similarities during Trump's visit to Paris

    During a joint news conference after the meeting, Trump said "something could happen with respect to the Paris accord". French President Emmanuel Macron shares a laugh with U.S.
  • Mom hilariously recreates Beyoncé's viral photo with newborn twins

    Mom hilariously recreates Beyoncé's viral photo with newborn twins

    Beyoncé left us genuinely shook on Friday when she uploaded a photo of her cradling her two one-month old twins , Rumi and Sir Carter .
    Insurers do not like Ted Cruz's health care plan

    Insurers do not like Ted Cruz's health care plan

    Matthew Fiedler, a fellow at Brookings Institute's Center for Health Policy, confirmed this double-dipping to TPM. Specified disease insurance provides supplemental coverage on top of an existing health care policy.
    UAE arranged for hacking of Qatar government sites, sparking diplomatic row

    UAE arranged for hacking of Qatar government sites, sparking diplomatic row

    The ambassador to UAE pronounced a news report asserting that UAE was responsible for hacking Qatari government sites "false". The hacks took place almost two weeks earlier on May 24, one day after senior Emirati officials allegedly discussed the plan.


Popular

Jordanian soldier gets life term for killing 3 US troops
He did not react when the judge announced the verdict and the maximum possible sentence, life in prison with hard labour. In 2015 a Jordan police captain opened fire at an officer training center killing two Americans and several others.

Nine Dead from one family after being swept up in flash flood
A woman can also be seen in the video, hanging on desperately to a tree as brown muddy waters rage through a rocky canyon. Terrifying footage taken by survivors showed one man clinging to a tree with his baby in his arms as water rushed by.

Get Ready: A Bunch of New Emoji Are Coming to Your iPhone
But Cupertino took the time today to preview some of the incoming new characters in a press release published on Monday, July 17. Apple is using World Emoji Day to preview upcoming emoji that will feature in iOS , macOS and watchOS later in the year.

Carolina Panthers general manager relieved of his duties
Before coming to Carolina , Gettleman spent nearly three decades in National Football League scouting departments. Now-retired receiver Steve Smith Sr. also had his say in the most Steve Smith way possible.

China holds military drill near Indian border, says 'enemy aircraft' the target
The Chinese state media said that the drill was held to practice quick movement of troops and destroy enemy aircraft. Brahmaputra flows into India from Arunachal Pradesh border.