Total Pageviews

Tuesday, July 4, 2017

Demonetisation of Rs500 and Rs1000 Notes - Supreme Court of India(SCI) asks govt whether a window can be provided to deposit banned Rs 500, Rs 1000 notes

The Supreme Court of India(SCI)on Tuesday July 04,2017 granted 2-week time to the Centre and the RBI to mull over option to provide window to those who could not deposit demonetised notes due to valid reasons.
The central government, on its part, told division bench of Supreme Court that it would file an affidavit in the case. 
The matter will be heard again in the Supreme Court on July 18,2017
Earlier, the Centre, in its affidavit, had told the SCI that it has taken a "conscious decision" not to extend the period beyond December 30 ,2016 for exchanging demonetised currency notes unlike for the NRIs, and security personnel posted in remote areas, which ended on March 31,2017
The government has also said it was not legally bound to come out with a fresh notification to grant grace period or window for depositing scrapped currency notes.
The affidavit has given details about the raids and seizures made by the law-enforcing agencies during and after the demonetisation period claiming that undisclosed income of over Rs 5,400 crore was detected.
The apex court had on March 6 issued notice to the Centre and the RBI on one of the pleas alleging that people were not being allowed to deposit demonetised currency notes till March 31 as promised.
One of the petitions also referred to the speech of the prime minister on November 8, 2016 and subsequent notification of the RBI spelling out that people may deposit demonetised currency notes even after December 31, 2016 at specific RBI branches up to March 31, 2017 after complying with certain procedural requirements

No comments:

Post a Comment