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

No Exceptions For Depositing Old Notes: Centre To Chief Justice Of India

No Exceptions For Depositing Old Notes: Centre To Chief Justice Of India

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

Doing so would have defeated the very objective of demonetisation, the government said.

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.

In a fresh affidavit submitted to court, the finance ministry said that the very objective of demonetisation and the elimination of black money would be defeated if a new window of exchange is opened for a further period.

"If opportunity is given it would defeat the goal of demonetisation and elimination of black money", Centre said in its affidavit to the top court, reported NDTV.

In its affidavit to the top court, the centre said opening another window to deposit or exchange the old notes would give black money hoarders "sufficient time and opportunity" to come up with reasons for not having done so before the December 30 deadline.

Besides, a grace period would again open the floodgates for benami transactions and user proxies for the depositing SBNs.

Any number of "benami" transactions and proxy users for the objective of producing and depositing the old notes would then arise and the departments would have great difficulty in deciding any genuine case from the numerous bogus ones, it said, and sought dismissal of petitions seeking another chance.

Rebuking the federal government for setting up a deadline for depositing demonetised currency, the top court observed, "One can not make people suffer if they have genuine reasons, should be allowed to deposit old notes".

But the government complained today of "the gross misuse or abuse" of previous extensions or exceptions that allowed old notes to be used to book railway tickets or at petrol pumps among others.

The government contended that the introduction of The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 was a major economic step. Income tax raids from April 2014 to February 28, led to the admission of undisclosed income of over ₹36,051 crore along with undisclosed assets worth ₹2,890 crore.

The undisclosed income detected in the above actions was of more than Rs 5,400 crore, the government said.

Please Wait while comments are loading. Even some educational institutions were found to have accepted fees in old currency notes after midnight of November 8.

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