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SC notice to govt on plea against RBI’s refusal to accept Rs500, Rs1,000 notes

LiveMint logoLiveMint 06-03-2017 Apurva Vishwanath

New Delhi: The Supreme Court on Monday issued a notice to the Central government on a plea challenging the Reserve Bank of India’s (RBI) refusal to accept Rs500 and Rs1,000 notes that have been demonetised.

At least four cases have been filed before the apex court alleging that RBI’s refusal to accept old notes is a violation of statutory notification issued on 8 November 2016.

A bench headed by Chief Justice of India J.S. Khehar sought the Centre’s response on the pleas before 10 March.

“The Prime Minister’s speech and the notification that followed clearly said that any person who is unable to deposit the old notes before 31 December 2016 can do so at specific branches of RBI,” the lawyer for petitioners argued.

The pleas have been filed by three individuals and Victory Logitrans Pvt. Ltd, a Bengaluru-based transport company.

The court, however, said in an oral observation that it was not inclined at all in favour of the petitioners.

As per the Facility for Exchange of Specified Bank Notes (SBNs) during the Grace Period, notification dated 31 December 2016, RBI stated that old notes can be exchanged only by those who were not in India between 8 November and 31 December 2016.

It also fixed a Rs25,000 cap for non-resident Indians to deposit scrapped currency.

The court did not indicate the next date of hearing.

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