Nation

Centre: No more grace period for depositing scrapped notes

| | New Delhi

The Centre is 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," stated the Ministry of Finance in a fresh affidavit filed a day before the hearing in the matter on Tuesday.

Stating another reason for not allowing any more persons to deposit old demonetized currency notes, the Centre submitted, "Any number of benami transactions and user proxies for the purpose of producing and depositing scrapped bank notes would then arise which the departments would have great difficulty in deciding any genuine case from the numerous bogus ones."

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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