MONEY NEWS

Change in Demonetisation Deadline? Supreme Court asks centre for explanation

Change in Demonetisation Deadline? Supreme Court asks centre for explanation
Radhika Srivastava

Change in Demonetisation deadline, here is all you need to know


There is a change in demonetisation deadline, here is all you need to know about it. Demonetisation has become an important part of our lives because it has affected many people in different ways. Now, there is another set of norms for depositing scrapped notes. The Supreme Court has asked Centre and Reserve Bank of India (RBI) to explain why citizens had been denied the opportunity to deposit scrapped currency till March 31 as promised by Prime Minister Narendra Modi while he announced currency ban on November 8 last year.

Scrapped notes

Scrapped notes

According to a report, a bench of Chief Justice J S Khehar, Justice D Y Chandrachud, and Justice Sanjay Kishan Kaul has issued notices to the Centre and RBI, asking them to respond on March 10 when the matter will be taken up for hearing.

Notably, this order was passed by the Supreme Court after getting a bunch of petitions accusing the centre of breaking the promise of depositing the scraped notes till March31ST.

Petitions filed by the people

Notably, the centre had passed an ordinance stating that citizens who were abroad from November 8 to December 30, can only deposit old currency till March 31st and others cannot. After this, a lot of petitions were filed against the decision by the members of armed forces, and others who had valid reasons for not depositing the banned currency during the given period of time.

Citizens who have filed the petition stated they were under the impression that those who have failed to deposit the banned currency by December 30, can also do it by 31st March at designated offices of the RBI. However, this decision would leave such people with a substantial amount of old money in old currency notes, which will create a huge problem for them.

The petition reads “The present incident is a breach of trust committed by the Government of India and its governing arms as they had issued a notification dated November 8, 2016 which had assured the people that if on account of some reasons, any person who is unable to exchange or deposit the bank notes on or before December 30, shall be given an opportunity to do so at specified branches of the RBI. A similar statement was made by the PM… While declaring demonetisation on November 8. “

Have a news story, an interesting write-up or simply a suggestion? Write to us at
info@oneworldnews.in

Comments

comments

MONEY NEWS
Radhika Srivastava

She loves to express her feelings via her write -ups! She is a young passionate writer who brings unusual ideas to explore the world.

More in MONEY NEWS

All Rights Reserved © One World News

Archives

SiteMap

Copyright © 2016 ONE WORLD NEWS