No grace period for depositing old notes, will defeat purpose of demonetisation: Centre tells SC

The Centre today asserted in the Supreme Court that it was not inclined to grant any more grace period for depositing the scrapped Rs 500 and Rs 1,000 notes.
Govt not in favour of grace period to deposit... Source: PTI
Reported by: PTI New Delhi 18 Jul 2017, 06:45 AM IST

The Centre today asserted in the Supreme Court that it was not inclined to grant any more grace period for depositing the scrapped Rs 500 and Rs 1,000 notes, saying the very object of demonetisation and elimination of black money would be defeated if further window was given. 

 

"The very object of demonetisation and elimination of black money will be defeated if a window is opened for a further period as the persons in possession of the specified bank notes (scrapped notes of Rs 1,000 and Rs 500) will have had sufficient time and opportunity to carefully plan the reasons and excuses for not depositing the SBNs within the permitted period -- before December 30, 2016," the Ministry of Finance said in its affidavit. 

The Centre was responding to the July 4 directive asking it to consider granting a window to those who have not been able to exchange the scrapped notes for genuine reasons. The apex court had said that people should not lose their own money for no fault of theirs. 

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