Give time to people with valid reason to swap old notes: SC to govt

SC has given a two-week window to the Centre, RBI to consider giving an option to people with legitimate reasons to deposit their old notes.

Supreme Court asks Centre to give time to genuine people to deposit old currency notes (Representational Image)

New Delhi: Supreme Court on Tuesday said that people with genuine reasons for not depositing old notes should be given the right to exchange the same.

The apex court has also given a two-week window to the Centre, RBI to consider giving an option to people with legitimate reasons, such as imprisonment, to deposit their old notes.

The Court was hearing a petition filed by advocate Sudha Mishra and others seeking a direction from it in connection with the deposit of old currency notes of Rs 500 and 1,000.

The Chief Justice of India, JS Khehar, said during the hearing, "If these genuine people are not given a chance, then it is a serious issue."

The Centre said that it would file an affidavit in the case. Next hearing has been scheduled on July 18.

In an address to the nation, Prime Minister Narendra Modi had announced on November 8 that Rs 500, Rs 1000 notes would not be valid, pulling out 86 per cent of currency out of circulation. The controversial decision led to a major cash crunch across the country, also causing many deaths due to the long queues at banks.

A deadline of December 30 was given for citizens to deposit old notes at post offices and banks. People could also deposit their old currency with the RBI until the end of March.

The RBI had earlier said that it cannot accept notes from individuals due to Centre’s restriction.