On July 4, the Supreme Court had asked the Centre to give citizens with "genuine reasons" another chance to deposit the demonetised Rs 500 and Rs 1,000 bills. Government further told the apex court that the time-period provided between November 10 to December 30 was sufficient for the people to exchange, or deposit their old currencies in the banks.
The Centre today asserted in the Supreme Court that it was not inclined to grant any more grace period for depositing the scrapped Rs 500 and Rs 1,000 notes, saying the very object of demonetisation and elimination of black money would be defeated if further window was given. It was planned as a crackdown against black money and fake notes.
They said it an affidavit filed in the Supreme Court by Finance Ministry's Under Secretary T Narasimha. In the next 50 days, roughly Rs 15 crore was deposited in the banks, the reports added, virtually questioning the rationale behind the demonetisation drive.
If there is a genuine person, he should have the opportunity if he has failed to deposit for a valid reason.
The Supreme Court referred to people, like those in prisons, can not be stopped from exchanging the old notes.
The demonetisation of high denomination notes was announced on November 8. "The cases allegedly involve total amount of Rs 395.19 crore", it said. According to the NDTV, government told the Supreme Court of India that one such window will defeat the very goal of demonetisation to curb black money from the system.
The prime minister, in a televised address to the nation on November eight a year ago had declared that high denomination notes of Rs 500 and Rs 1000 would no longer be legal tender.
The government had assured the people that demonetised currency notes could be exchanged at banks, post offices and RBI branches till December 30, 2016.
The SC-bench led by Chief Justice of India JS Khehar said government would be acting in an unjustified manner, it it disallows those who were "genuinely unable to meet the December 30 deadline".
In a meeting with the parliamentary committee on Wednesday last week, RBI governor Urjit Patel said the number of scrapped notes returned post demonetisation were still being counted.
One of the pleas has also referred to the Specified Bank Notes Cessation of Liabilities Ordinance and said the government had breached the assurance.