Demonetisation- New window to deposit old notes: SC suggests to Centre

The Apex Court suggested the Centre and Reserve Bank of India, two weeks time to consider to accept old notes of Rs. 500 and Rs.1000 of genuine persons and take a decision after verifying the authenticity of the individual case after demonetisation issue.

Last year on November 8, the Prime Minister Narender Modi had announced that Rs 500 and Rs 1000 noted would be scrapped from the next day. Nevertheless, the government assured that the demonetised notes could be exchanged at banks, post offices and RBI branches till December 30, 2016, and those who are unable to deposit the notes by that day could do so at RBI branches until March 31, 2017. However, the petitioner contented that the government has not taken into consideration the cases of the people who were unable to deposit money due to genuine reasons.

The bench of Chief Justice JS Khehar and Justice DY Chandrachud, “ You (Centre) cannot be allowed to deprive a person of his money if he couldn't deposit it due to some genuine problems. Consider giving a window to a genuine problem. What if someone is terminally ill and couldn't deposit the money. There can be a situation where a person can be in a position of hardship& hellip Suppose a person was in jail during the period. We want to know why you chose to bar such person from depositing money.”

This happened amidst the court was hearing petitions challenging the notification of the government which disallowed people from depositing old notes after a prescribed time. Solicitor General Ranjit Kumar said that the government has not considered individual cases and this will lead to adverse loss to a person crippled by genuine reasons.

Chief Justice of India said, “ If you are not giving a person, who could not deposit their money for genuine reasons, another chance, then it raises a serious issue. No individual can be deprived of his private property.”