No additional grace period to deposit demonetized notes: Centre tells Supreme Court

The Centre on 17th asserted the Supreme Court that it was not inclined to grant any more grace period for depositing the scrapped Rs 500 and Rs 1,000 notes.

The response came after a Supreme Court’s appeal to open a window for genuine people, like the terminally ill and invalids, to name a few, who were unable to deposit their demonetized 1,000 and 500 notes between November 9 and December 30 last year.

Stressing on the fact that it was a conscious decision, the finance ministry said that it would defeat the very basic tenets of demonetization. "The very object of demonetization and elimination of black money will be defeated if a window is opened for a further period as the persons in possession of the specified bank notes (scrapped notes of Rs 1,000 and Rs 500) will have had sufficient time and opportunity to carefully plan the reasons and excuses for not depositing the SBNs within the permitted period -- before December 30, 2016," said the Ministry of Finance in an affidavit presented to the Supreme Court.

The government also highlighted that compared to the 1978 demonetization exercise, where citizens were given only six days to deposit their old notes, the 2016 one gave the people “fairly a very long period” to deposit their old notes and there were additional “new age” banking alternatives available.

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