Millennium Post

Why you failed to extend cut-off date to deposit old notes, SC asks govt

The Supreme Court Monday issued notices to Centre and the Reserve Bank of India on a plea claiming that people are not being allowed to deposit demonetised notes till March 31, 2017 as promised. Prime Minister Narendra Modi in his address on November 8, 2016 said that those who couldn't deposit or exchange the scrapped Rs 500 and Rs 1000 notes during the 50-day window will be allowed to do so till March 31, 2017.

The RBI also issued a notification to this effect directing five of its branches to accept the defunct notes. The relaxation of rules was primarily aimed at Indians who might have been staying abroad during the 50-day period. However, there were reports that those queuing outside the RBI branches to deposit the defunct notes were allegedly turned away. The apex court had set March 10 for further hearing in the case.
Next Story
Share it