People with genuine reasons should be allowed to deposit old notes: SC

People with genuine reasons should be allowed to deposit old notes: SC

India's top court has given the Indian government and the central bank another two weeks to consider the option to grant a window to those who want to exchange their demonetised Rs 500 and Rs 1,000 notes.

The Centre demonetised Rs 500 and Rs 1,000 notes+ on November 8.

As per reports, the Supreme Court was hearing bench petitions including a petition filed by advocate Sudha Mishra. "You can't just deprive me of my money because I am terminally ill", Chief Justice Khehar addressed Solicitor General Ranjit Kumar who appeared for the Centre.

The solicitor general had then sought time from the apex court to seek instructions for giving an opportunity to people to deposit their money on a case-by-case basis, according to PTI.

The government has also given a last chance to district cooperative banks, commercial banks and post offices to deposit the invalid Rs500 and Rs1,000 notes with the Reserve Bank by 20 July, provided they were collected within the specified time period.




"One can not make people suffer if they have genuine reasons, they should be allowed to deposit old notes", news agency ANI quoted the bench as saying.

For those who were overseas during this period and non-residents, the government had extended the time for depositing old currency. 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 Centre informed the court that it had taken a "conscious decision" not to extend the period beyond December 30 previous year for exchanging demonetised currency notes.

It must be remembered that the SC had asked the Centre in March this year why the deadline to deposit old notes hadn't been extended beyond December 31.

The pleas sought direction to authorities to allow them to deposit demonetised notes. Since these have now ended, those who could not deposit these notes are holding on to their old currency stick.

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