Why bar a person from depositing demonetised notes? Supreme Court to government

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The Supreme Court on Tuesday asked the Centre and Reserve Bank of India (RBI) to provide an opportunity for people who were unable to submit demonetised bank notes before the December 30, 2016 deadline.

A CNBC-TV18 report said the Apex Court has given the union government and the RBI two weeks to clarify their position on allowing people with bonafide reasons to deposit their now defunct currency. "We want to know why you chose to bar such person from depositing money", said the bench.

Chief Justice JS Khehar and Justice DY Chandrachud said the Centre can not deny people the right to exchange the invalid currency.

The government has also given a last chance to district cooperative banks, commercial banks and post offices to deposit the invalid Rs500 and Rs1,000 notes with the Reserve Bank by 20 July, provided they were collected within the specified time period. The center, in the apex court, agreed to review the genuineness of each case where people still have the scraped notes.Reviewing the case, the Supreme Court said, "You can not trash a person's genuine hard-earned money and let it go waste like this".

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Naturally, it's not possible for those who are old and infirm, those who are away from the country, those who are indisposed, or simply far removed to have received the government communication, to exchange the old notes by the stipulated deadline.

Following the 8 November 2016 demonetisation of the old Rs1,000 and Rs500 currency notes, the government had given time till 30 December for deposit of these notes with banks. It gave citizens until December 31 to return their old currency notes.+. Instead, he said the government "is agreeable to examine case by case" instances of citizens not having had the chance to deposit their old currency.

The Centre had come out with the Ordinance making possession of a large number of scrapped notes a penal offence attracting a monetary fine.