Govt's no to fresh chance for depositing scrapped notes

Govt's no to fresh chance for depositing scrapped notes

Govt's no to fresh chance for depositing scrapped notes
The Union government has held before the Supreme Court that it cannot give a fresh chance to people to deposit scrapped currency notes of Rs 500 and Rs 1000.

The government claimed giving any more opportunities to people may lead to benami transactions and would defeat the very purpose of demonetisation announced by the prime minister on November 8.

In an affidavit, the Centre contended it had given sufficient opportunity till December 30 to the general public to deposit the banned notes.

“In terms of the notification of 8.11.2016, the demonetisation period was between 09.11.2016 and 30.12.2016 within which primarily, the exchange and or deposit of specified bank notes was permitted. The period thus available for everyone to exchange and or deposit the specified bank notes was spread over 51 days, except for closed holidays, unlike the earlier demonetisation drive carried out in the year 1978, when it was restricted to six days only,” it said.

Various malpractices were reported post demonetisation, including use of banned notes of Rs 1,000 and Rs 500 for buying gold.

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