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Govt refuses to give another opportunity to exchange banned notes
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SME Times News Bureau | 18 Jul, 2017
The Central government on Monday refused to give another opportunity to
exchange demonetised currency notes of Rs 500 and 1,000 to those who
couldn't do it by the deadline of December 30, 2016, saying this would
defeat the very objective of eliminating black money.
In an
affidavit filed in the Supreme Court, Finance Ministry Under Secretary
T. Narasimha said: "The very object of demonetisation and elimination of
black money will be defeated if a window is opened for a further period
as people in possession of the SBNs (specified bank notes) would have
had sufficient time and opportunity to carefully plan the reasons and
executed for not depositing the SBNs within the permitted period of
December 30, 2016.
"Any number of 'benami' transactions and proxy
users for the purpose of producing and depositing the old notes would
then arise and the departments would have gr eat difficulty in deciding
any genuine case from the numerous bogus ones, it said, and sought
dismissal of petitions seeking another chance.
The government on Monday also said that even possessing the demonetised currency notes was an offence.
The
Union Finance Ministry's stand came in response to the top court asking
the Central government on July 4 to consider giving another opportunity
to those who couldn't exchange their demonetised currency notes.
Even
in the earlier hearings, the government had resisted the suggestion to
give another opportunity to people who could not deposit their
demonitised currency notes by December 30 saying t hat it has taken a
"conscious decision" not to extend the period except for NRIs, and
security personnel posted in remote areas, which ended on March 31.
The
government had also said it was not legally bound to come out with a
fresh notification to grant grace period or window for depositing
scrapped currency notes.
The top court is hearing a batch of
petitions challenging the government's decision not to allow the public
at large to deposit demonetised currency notes till March 31 as
promised by Prime Minister Narendra Modi and others as the window ended
on December 30 last year.
The petitioner have also referred to
Modi's speech on November 8, 2016 and subsequent notification of the
Reserve Bank of India, holding that people may deposit demonetised
currency notes at specific RBI branches up to March 31, 2017 after
complying with certain procedural requirements.
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