World Media

Can't afford another window to deposit banned notes: Centre tells Supreme Court

Can't afford another window to deposit banned notes: Centre tells Supreme Court

A shortage of currency forced long lines at banks as people queued up to return old notes or exchange them for the new Rs 500 and Rs 2,000 notes that were introduced with high security features.

The Centre today told the Supreme Court that no more grace period will be granted for depositing the scrapped Rs 500 and Rs 1,000 notes, saying the very object of demonetization and elimination of black money will be defeated if a fresh window is given.

In a statement earlier this month, the Supreme Court had said the government can't deny citizens, who have valid reasons, the right to swap the scrapped notes.

The Supreme Court referred to people, like those in prisons, can not be stopped from exchanging the old notes.

The apex court had said that people should not lose their own money for no fault of theirs.

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Meanwhile, speaking to reporters outside the state Assembly, Tejashwi claimed that calls for his resignation are "only in the media".

"You can not be allowed to deprive a person of his money", a bench headed by Chief Justice JS Khehar had told solicitor general Ranjit Kumar. Allowing a new opportunity to deposit the banned notes would result in "any number of benami transactions" and make it hard for departments to distinguish "genuine cases from bogus ones", the centre warned.

"Demonetisation: The government issued new notes to replace the old ones".

Earlier in June, the apex court observed that citizens with valid reasons - such as imprisonment - could not be deprived of an opportunity to exchange old notes, giving the Centre and Reserve Bank of India two weeks to come up with a solution.

The government had assured the people that demonetised currency notes could be exchanged at banks, post offices and RBI branches till December 30, 2016.

The bench further said that the discretion vested in the government by the ordinance had been exercised arbitrarily to allow one category only when the law permits the government to extend the relief to other categories too.

Coast Guard rescues mother, daughter swept out to sea by rip tide
The rescue member put the daughter, who was wearing a life jacket, on the PWC and the mother on a rescue sled behind the PWC. The USCG crew immediately rescued the mother and daughter from the water and helped the rescuer back onto the jet ski.

Prime Minister Narendra Modi had on November 8 a year ago announced that Rs 500 and Rs 1,000 notes would no longer be a legal tender from the next day. However, the deadline for non-resident Indians or NRIs was 31 March, 2017 which was later extended through an ordinance till Jun 30.

The Centre said that the Ministry of Home Affairs had in July reported that as per intelligence agencies, there were reports of large scale misuse of the window for the exchange of the old currency notes. However, the RBI says it has still not determined the exact figure of the returned notes.

The parliamentary standing committee on finance is supposed to table the report on demonetisation in the monsoon session that started today.

As per the last official count released by RBI on December 13, banks had garnered Rs 12.44 lakh crore in banned notes till December 10.

Prince George & Princess Charlotte are TOO cute on arrival in Poland
Prince William and Kate will meet again with the Polish first couple before heading to Germany on Wednesday morning. William and Kate will cox opposing rowing teams in the race with crews from Cambridge and Heidelberg.


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