Giving more chances to deposit old notes will defeat whole point of demonetisation, says Centre to Supreme Court

July 17, 2017, 7:28 pm
 Giving more chances to deposit old notes will defeat whole point of demonetisation, says Centre to Supreme Court
INDIA
INDIA
 Giving more chances to deposit old notes will defeat whole point of demonetisation, says Centre to Supreme Court

Giving more chances to deposit old notes will defeat whole point of demonetisation, says Centre to Supreme Court

Centre told Supreme Court that further giving a last opportunity to deposit the 500 and 1,000 rupee notes that were banned in November will defeat the whole point of demonetisation as well as the battle against black money, reported NDTV.

The apex court had asked the Reserve Bank of India (RBI) on 4 July to come up with a policy to offer a window to people who were not able to deposit their demonetised notes for legitimate reasons before last year's December 30 deadline.

Old Rs 500 and Rs 1,000 notes were junked from November 8, 2016 to eliminate black money and curb infusion and circulation of fake Indian currency notes (FICNs).

India is the second-largest producer and consumer of currency notes. The circulation of banknotes has increased to 90.27 billion pieces from 64.58 billion over the last five years.

As on November 8, 2016, the total amount of currency in circulation was Rs 17.7 lakh crore, which included specified bank notes (SBNs) of Rs 500 and Rs 1,000.

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.