Good news for demonetisation victims, RBI may reopen doors for genuine people

Demonetised Rs 500 currency India Tv

Demonetised Rs 500 currency

Yes, in a big relief to all those who are bearing the brunt of demonetisation, the Supreme Court had asked the government and the RBI whether a window could be provided to people who couldn't deposit their old Rs 500 and Rs 1000 notes.

In a sudden move on November 8 past year, the Central government had announced that Rs 500 and Rs 1,000 notes would no longer be legal tender from November 9.

The apex court was hearing a batch of pleas seeking grace period for exchanging demonetised notes.

Reviewing the case, the Supreme Court said, "You can not trash a person's genuine hard-earned money and let it go waste like this". The SC bench was comprised of Chief Justice JS Khehar and Justice DY Chandrachud.

"We are also hearing only genuine cases where we are satisfied deposit can not be done because there is no window", the Chief Justice said.

The Modi government have tried some or the other way to make people declare their old notes or may be undisclosed income (black money) and pay taxes accordingly. If people were unable to deposit them by that day, they could do so till March 31, 2017 at RBI branches after complying with certain formalities.

The Centre and the RBI have been allowed two weeks to respond. Instead, he said the government "is agreeable to examine case by case" instances of citizens not having had the chance to deposit their old currency.

Solicitor general Ranjit Kumar was representing the Centre and had to face the wrath of a visibly upset apex court, which reprimanded the government's "conscious decision" to not extend the period beyond December 30.

It can argue that those with genuine cash holdings had enough time to exchange or deposit their old notes with banks and at the RBI counters and chances are that crooks will misuse the opportunity if it opens another window.

The petitioner referred to the Specified Bank Notes Cessation of Liabilities Ordinance and said it had breached the assurance.

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