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Supreme Court asks Centre, RBI to respond on plea for banned note exchange

by India Blooms News Service 06 Mar 2017, 11:12 am

#NoteBan # Demonetisation # RBI # NarendraModi # SupremeCourt

New Delhi, Mar 6 (IBNS): The Supreme Court on Monday sought response from the Centre and the Reserve Bank of India (RBI) regarding allegations that people are not being allowed to deposit demonetised notes despite the March 31, 2017, deadline promised earlier, according to media reports.

It has been alleged that during his speech on November 8, the day the rupees 500 and rupees one thousand currency notes were banned, Prime Minister Narendra Modi had said that the notes could be exchanged after submitting a declaration form.
 
Excerpts from the PM's speech on Nov 8 as published by the Press Information Bureau (PIB): "There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016. They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form." 
 
Reportedly, the RBI has sent away people recently who had gone to exchange their banned notes, media reported.
 
The rules for the withdrawal of money from accounts and the submission of banned notes were also changed several times since Nov 8.
 
The apex court will take up the note ban petitions again on Mar 10, media reported.

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