There Can Be A Window To Deposit People's Hard Earned Money-SC

There Can Be A Window To Deposit People's Hard Earned Money-SC

There Can Be A Window To Deposit People's Hard Earned Money-SC

The Supreme Court on Tuesday raised objections on Centre banning people with genuine reasons from depositing old Rs 500 and Rs 1,000 notes and said that the RBI and the government should consider giving grace time to those who are honest.

Prime Minister Narendra Modi in a late night televised programme, on November 6 past year, had announced the demonetisation scheme, to deal with blackmoney horders and choke terror financing.

"You cannot trash a person's genuine hard-earned money and let it go waste like this. you had promised them a window, now you can't go back on your word to those who had genuine difficulty", the Supreme Court said. "We want to know as to why you chose to bar such persons", the bench said. The SC bench was comprised of Chief Justice JS Khehar and Justice DY Chandrachud. The center, in the apex court, agreed to review the genuineness of each case where people still have the scraped notes.Reviewing the case, the Supreme Court said, "You can not trash a person's genuine hard-earned money and let it go waste like this".

Third, even if the Supreme Court has its way and the government offers another window to the citizens to deposit their old notes, it is likely to be a hard task even to the honest cash holder to explain why he or his family could not do so by 30 December. 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.

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Solicitor general Ranjit Kumar was representing the Centre and had to face the wrath of a visibly upset apex court, which reprimanded the government's "conscious decision" to not extend the period beyond December 30.

For one, the government stands on a strong legal ground here, after the passage of the Specified Bank Notes Bill in February, which ended the liability of these currency denominations between the RBI and the government.

Reportedly, on March 21, the apex court asked the government why it chose not to create a separate category for those who couldn't deposit demonetised notes by December 30, 2016 unlike NRIs and people who were overseas.

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