Allowing last window for depositing old notes will defeat the purpose of demonetisation: Centre to SC

Supreme Court: Responding to the Notice issued by the bench of J.S. Khehar, CJ and Dr. D.Y. Chandrachud, J asking the Centre and the Reserve Bank of India to consider the option of allow the deposit of the old Rs. 500 and Rs. 1000 notes to those who were not able to deposit the demonetised notes due to genuine and compelling reasons, the Centre and the RBI said that the last window for depositing the demonetised notes cannot be allowed as it will defeat the purpose of demonetisation and the efforts of eliminating black money. It was submitted that if the window is allowed, it could result into increase in benami transactions for producing and depositing old notes and it will make it difficult for departments to distinguish genuine cases from bogus ones.

Earlier this month, stating that genuine cases deserve a chance to deposit the old notes, the Court had explained that if a person was in jail during the period and was not able to deposit the notes without any fault of his then how can such person be barred.

Source: HT

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