Will not buckle under pressure to extend period of deposit of demonetised notes: Centre


The Centre on Friday said it will contest any legal challenge against the Specified Bank Notes (Cessation of Liabilities) Ordinance and has no intention to buckle under pressure to extend the period of deposit of demonetised notes.
Appearing before a Bench led by Chief Justice of India J.S. Khehar, Attorney-General Mukul Rohatgi said the possession of old Rs. 500 and Rs. 1000 notes is already a crime.
Mr. Rohatgi was responding to petitions filed by individuals and companies questioning why the government and the Reserve Bank of India (RBI) went back on its promise to extend the date of deposit of demonetised notes to March 31, 2017.
The petition contended that the Specified Bank Notes (Cessation of Liabilities) Ordinance promulgated on December 13, 2016 penalised those who deposit demonetised money after December 31, 2016.
The petitioners said that the Prime Minister’s speech on November 8, 2016 announcing the demonetisation scheme and the subsequent RBI notification on the same night had both assured that citizens would be able to deposit demonetised notes beyond the cut-off date of December 31, 2016 till March 31, 2017 in case they were caught in a genuine predicament and were unable to do so by December 31, 2016.
The petitions highlighted that despite the explicit postulation that final date of deposit would be extended till March 31, 2017, “no individual was allowed to deposit after December 31, 2016”.
“I am ready to argue this case even today.. Let us argue on this issue,” Mr. Rohatgi submitted.


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