With the initiative of Narendra Modi in November to ban the 500 and 1000 denomination notes, there was a huge cash crunch over the nation for more than 3 months. Though the government gave a window period until December 30th last year, not all the people could exchange or deposit their old currency with the banks or post offices as directed by the government.
Taking exceptional cases into consideration, where people couldn’t deposit or exchange their old/banned 500 and 1000 rupees denominations due to genuine reasons, the Supreme Court asked Center to give a window period for these people to be able to remonetize their money. Centre, in return, stated that it has taken the decision of not allowing the usage of the banned currency after March 31 which was the grace period given to the NRI’s.
The center saying they are not legally bound to come with a revised notification and that would submit an affidavit with regards to its decision. Court has given about two weeks of time to explain on how the center would go with the court’s direction to give a window period. The next hearing is on July 18th. Do you think the center would revise the demonetization notification?
