People with genuine reasons should be allowed to deposit old notes: SC to Centre

Representational Picture of old Rs 500,1000 currency notes.

New Delhi: The Supreme Court on Tuesday questioned the Centre why people with genuine reasons can't be given an opportunity to deposit old currency notes. The Centre has sought 10 days of time to reply.

Also asks Govt whether a window can be opened for people having genuine reason for not depositing old https://t.co/q003hisqyn hearing July18 https://t.co/IURHhwFSKk

— Ashish ABP News (@AshishSinghLIVE) July 4, 2017

The court was hearing a plea seeking a grace period for exchanging the old 1000- and 500- rupee notes that were demonetised on November 8 last year. The government had set December 30, 2016 deadline for depositing junked bills in banks. People also had a chance to deposit old notes but only at RBI offices till March 31. They had to give a valid reason for missing the December 30 deadline. The government has also given a last chance to district cooperative banks, commercial banks and post offices to deposit the invalid Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20, provided they were collected within the specified time period.