Supreme Court: On 8 November 2016, Prime Minister Narendra Modi had demonetised old 500 and 1000 rupee notes. Now the petitions challenging this notification of demonetisation were heard before the constitution bench on Friday. In this case, the constitution bench has heard all the petitions against the decision of the central government on demonetisation. Now a five-judge bench headed by Justice SA Nazeer has indicated that it will consider creating a system to exchange old notes. Now the constitution bench will continue hearing in this matter on 5th December.
Government may consider changing old notes
Meanwhile, yesterday on November 25, the Supreme Court declined to entertain an intervention plea challenging the Centre’s November 8, 2016 decision to invalidate Rs 500 and Rs 1,000 notes. Attorney General Venkataramani, appearing for the Central Government, says that the court cannot pass such an order. The window for exchange of notes after demonetisation was extended much further. But people did not take advantage of it. He said that in some special cases, the government may consider exchanging the notes.
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The bench said will see in special cases
The petitioners say that they have old notes worth crores of rupees. What can be done about it? The court says that you keep them carefully. After this, the petitioner said that the amount of lakhs of rupees seized by me is deposited in the court. But after demonetisation it became useless. We were abroad, the window had closed before March. While it was said that the window would remain open till the end of March. The constitution bench says that we are considering making a mechanism in which in special cases the option of exchanging old 500 and 1000 rupee notes will also be seen. The Reserve Bank can do so under section 4(2) (3) of the 2017 Act.
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Attorney General defends demonetisation notification
During the hearing in the apex court, the Attorney General defended the notification of demonetisation, saying that a major step was taken to curb the menace of fake notes and terror funding. Please tell that demonetisation was done under the provisions of the Reserve Bank Act 1934, in which there is no legal problem, now it is an academic exercise to consider these petitions. Which doesn’t have any meaning.
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Source: www.dnpindiahindi.in”