Wednesday, Jun 29, 2022

Can't Give More Chances To Deposit Demonetised Notes, Centre Tells Supreme Court

Representative image

The Centre told the Supreme Court on Monday that it can't give more chances to people to deposit junked notes, says a report by NDTV.

The apex court had asked the Reserve Bank of India (RBI) on July 4  to come up with a policy to offer a window to people who were not able to deposit their demonetised notes for legitimate reasons before last year’s December 30 deadline.

Old Rs 500 and Rs 1,000 notes were junked from November 8, 2016 to eliminate black money and curb infusion and circulation of fake Indian currency notes (FICNs).

India is the second-largest producer and consumer of currency notes. The circulation of banknotes has increased to 90.27 billion pieces from 64.58 billion over the last five years.

As on November 8, 2016, the total amount of currency in circulation was Rs 17.7 lakh crore, which included specified bank notes (SBNs) of Rs 500 and Rs 1,000.

As per the last official count released by RBI on December 13, banks had garnered Rs 12.44 lakh crore in banned notes till December 10.