Deposit of old notes: SC asks Centre, RBI to reply in 2 weeks

Supreme Court, Centre, Demonetisation, Reserve Bank of India

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In a major development to the issue of depositing old notes, the Supreme Court on Tuesday issued a notice to the Centre and the Reserve Bank of India (RBI) asking them to file an explanation within two weeks on why people were not being allowed to deposit demonetised notes till March 31 as promised.

Earlier, on March 6, the top court had also questioned why a separate category was not created for those who couldn't deposit demonetised notes by December 30, 2016.

While announcing the demonetisation move on November 8, Prime Minister Narendra Modi had said that old currency notes (Rs.1,000 and Rs.500) could be exchanged till March 31, 2017.

However, many people returned empty-handed after December 31 as the RBI allowed the facility only for Non-Resident Indians (NRIs) or those who were abroad during the 50-day of the demonetisation period.

The next hearing on the case will be held on April 11.

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