Demonetization: Another chance for deposit of scrapped notes possible
The SC will decide in July whether the government should reopen a window for people to deposit their old Rs. 500 and Rs. 1,000 notes. However, Attorney General Mukul Rohatgi informed the government wasn't in favour of such a window, and if it did give another chance to citizens, it would decide on the "genuineness of the reason" for failure to deposit notes earlier.
Old Rs.500 and Rs.1000 banknotes scrapped
Prime Minister Modi had announced on 8 Nov'16 that old Rs.500 and Rs.1000 currency notes would be rendered invalid from 12:00 am, 9 Nov'16. New Rs.500 and Rs.2000 notes were being circulated from 10 Nov'16. The move wiped-out over 86% of the money in circulation.
SC questions Centre whether demonetization decision was confidential
The Supreme Court questioned the Centre whether its decision to implement demonetization was taken in absolute secrecy. It asked, "When you made the policy on demonetization, was it confidential?" Chief Justice TS Thakur questioned why the order granting limit of Rs Rs.24,000 a week per person had not been complied with. The apex court was hearing petitions challenging Prime Minister Narendra Modi's move.
SC frames nine questions to decide for adjudication
Lawyer Prashant Bhushan, appearing on behalf of a petitioner, told the apex court there was no preparation on the government's part to deal with the impending situation resulted by demonetization. He added, "There was no cash in ATMs, recalibration was not done well, and cooperative banks were being discriminated against." The court framed nine questions to decide whether demonetization was constitutional or not.
Attorney General Mukul Rohatgi defended the Centre
Attorney General Mukul Rohatgi defended the Centre and told the court that the government had taken all necessary steps to ease the inconvenience caused to the public. The Centre's lawyer has also added, "The government is not sitting around doing nothing. In 10-15 days it will be all over." The Supreme Court would resume hearing the demonetization issue on 14 December.
Demonetization, a monetary policy
While responding to the Supreme Court, the Centre reportedly asked it not to interfere with the demonetization as it was a monetary policy. It said, "Demonetization is a monetary policy, court shouldn't interfere."
SC asks Centre, RBI to explain demonetization deadline change
The Supreme Court (SC) has sought explanations from the central government and the Reserve Bank of India (RBI) on why citizens weren't allowed to deposit demonetized currency till March 31, as promised by PM Narendra Modi. The SC's order came following several petitions accusing the Centre of breach of trust. The SC has asked the Centre and RBI to respond on March 10.
RBI mum on demonetization deadline changes
The RBI refused to answer an RTI query seeking to know why the deadline for demonetization was not 31 March as promised by the Prime Minister. The RBI said the question does not seek "information" as defined by the RTI act. The March 31 deadline was only kept for NRIs. Activists allege that the government used the move for political mileage.