SC Notice To Centre On Note SWAP: The Supreme Court on Monday issued notice to the Centre and the Reserve Bank of India on a batch of petitions seeking a direction that old notes of R500 and R1,000 should be accepted in RBI branches upto March 31 as per the promise made by the Prime Minister Narendra Modi on November 8, 2016.
SC Notice To Centre On Note SWAP- Promise Made by The PM Narendra Modi
NEW DELHI, MARCH 6:
A Bench of Chief Justice J.S. Khehar and Justices D.Y. Chandr. a chuid and Sanjay Kishan Kaul issued notice returnable on Friday after hearing senior counsel Dhruv Mehta and others challenging the Ordinance which makes retaining old notes beyond a limit a punishable offence.
It was argued that people had genuine reasons for not depositing the old R500 and R1,000 notes in banks before December 30, 2016. Both the Prime Minister and the RBI had stated that such notes will be accepted by RBI up to March 31, 2017. But they were shocked to find that the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 provided that only the super rich could avail the “grace period”.
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