Giving More Time To Deposit Old Notes Will Defeat The Purpose Of Demonetisation: Centre To SC 

The central government told the Supreme Court that it cannot give further extention in depositing of Old notes as it will defeat the very purpose of Demonetization.

Thus, going by the extent and enormity of the malpractices observed during post-demonetization period, it is apparent that in case a fresh opportunity is offered for exchange of SBNs, it would lead to rampant illegal trading of these SBNs (that is, the SBNs being traded at discounts) thereby defeating the very purpose of demonetization,” the Centre submitted.

It further explained, “…the very object of demonetisation and elimination of black money will be defeated if a window is opened for a further period as the persons in possession of the SBNs would have had sufficient time and opportunity to carefully plan the reasons and excuses for not depositing the SBNs within the permitted period that is before 30.12.2016. Any number of benami transactions and user proxies for the purpose of producing and depositing SBNs would then arise which the departments would have great difficulty in deciding any genuine case from the numerous bogus ones.”
It is submitted that the period 09.11.2016 to 30.12.2016 was fairly a very long period during which any one can either himself or through his authorised agent/third person could have deposited/exchanged the specified bank notes subject to following the prescribed norms. In other words, what was permitted was exchange and or deposit of specified bank notes during a block period a period up to and including 30.12.2016 either in person or through authorised third person,” it, thereafter, submitted.
The Supreme Court had earlier told the Centre to provide chance of exchanging old notes to Genuine cases.(Read the full article here)

Read the affidavit here.

Source: LiveLaw


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