There was a lot of uproar after demonetization in the country, although the petitions challenging its report were heard before the Constitution Bench on Friday. Yes, a five-judge bench headed by Justice SA Nazeer indicated that a mechanism would be considered to exchange old notes. Let us tell you that the judges said that permission will be given only in some special cases. The constitution bench will continue hearing the matter on December 5. In fact, these petitions have been challenged by calling the November 8, 2016 notification of demonetization illegal.
On the other hand, Attorney General Venkataramani, appearing for the Central Government, said, "The court cannot give such an order. After demonetization, the window to exchange notes was driven a lot further but people did not take benefit of it.'' At the same time, he said that in certain cases, the government may consider exchanging notes. During the hearing in the apex court, the Attorney General defended the notification of demonetization. Yes and he said that this was a step taken to stop the problem of fake notes and funding of terrorism.
Let us tell you that the petitioner says what should we do with the old note. I have over Rs 1 crore old notes. The court said, "You keep them safe. My seized lakhs of rupees are deposited in the court, but after demonetization, it became useless. We were abroad. It was said to be open till the end of March.''