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Tuesday , 24 October 2017
Breaking News

Won’t accept old notes, center tells Supreme Court

The central government told the Supreme Court today that no exceptions will be allowed in depositing old currency notes of Rs 500 and Rs 1000 that were demonetized in November last year. The government said that if such exceptions are allowed, it would defeat the purpose of demonetization and will work counter to the ongoing battle against black money. It may be recalled that the Supreme Court had earlier this month asked the central government to help some people who had genuine reasons for not being able to exchange or deposit their old currency notes. However, the government said that adequate time was provided to exchange or deposit the old currency notes.

There were many appeals filed by various citizens in the Supreme Court regarding their inability to deposit old currency notes. A woman said that she was delivering her baby whereas another person said that there was a death in his family. Similarly, there were other reasons that people gave to explain their point of view. However, the government countered such arguments saying that opening the exchange window again would result in benami transactions since it would be very difficult to differentiate between genuine and bogus claims.

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