There Can Be A Window To Deposit People's Hard Earned Money-SC

Posted July 05, 2017

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.

Well, as of now the government has agreed on the guidelines of the apex court that it is ready to examine "the genuineness of each case" involving people who still have old currency notes.

"If you are not giving a person, who could not deposit their money for genuine reasons, another chance, then it raises a serious issue". It also said it was not legally bound to come out with a fresh notification to grant a grace period or a window for depositing scrapped currency notes.

The Bench orally asked the Centre to explore possibility of allowing a window for such persons who could not deposit money for genuine reasons. 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 court had earlier pulled up the government for providing inadequate options to people for getting rid of old notes.

The apex court had on March 6 sought responses of the Centre and RBI on why demonetised notes were not accepted till March 31 as was promised.

Following the announcement of demonetizing currency notes worth Rs. 500 and 1,000 in November past year, the Government had instructed people to deposit their old currency notes with the RBI till December 30, 2016.

On March 10, it sought replies from the Centre and RBI on the plea against tweaking of rules on exchange of demonetised currency.

Naturally, it's not possible for those who are old and infirm, those who are away from the country, those who are indisposed, or simply far removed to have received the government communication, to exchange the old notes by the stipulated deadline.

"If a person can prove it is his money and he/she had real difficulty in depositing by December 31, he must get a chance to change them", the apex court said.

For Indians and NRIs who were overseas during November-December, the government allowed deposits till March 31.