SC Grants 4 Weeks Time To RBI, Centre On Siblings’ Plea For Exchanging Old Notes Found In Dead Parents’ Locker

The Supreme court today gave the RBI and Finance Ministry four weeks time to file response on a plea seeking extension of window for exchanging demonetized notes of Rs 500 and 1000.Siblings Arushi jain, 22, and Apurv Jain, 25, had in July moved the Supreme Court seeking permission to deposit Rs 60 lakh in old notes which were lying in the lockers of their parents who died in a road accident nine years ago.A bench of justices R K Agrawal and Abhay Manohar Sapre sought the response of the finance ministry and RBI within four weeks.Further the Petitioners also sought quashing modification and setting aside the Ordinance dated 30th December 2016 and 20.06.2017 issued by the Respondent No.1 i.e., Ministry of Finance as it is contrary to the earlier notification dated 8th November 2016 in the wake of demonetization which has directly affected the Petitioners as they were not able to deposit their Specific Bank Notes of Rs.500 and Rs.1000 on or before 30th December 2016 as the Petitioners are deprived earlier to convert the demonetized currency”, said the petition argued by advocate Ajay Jain.The siblings were minors when their parents died. When they attained the age of majority, the bank lockers were opened on the directions of the Succession Court, Saket by an order dated March 17, 2017.This was a good two-and-half months after the deadline for exchange of the demonetised notes ended.“While granting letter of Administration to the Petitioner observed that “with regard to direction to banks to convert the old demonetized currency notes in new currency notes is concerned, the same cannot be appreciated by this court in view of the order dated 16.12.2016 of Hon’ble Supreme Court of India in Writ Petition (Civil) No.906/2016 wherein the Courts below have been restricted to entertain, hear or decide any proceeding on the issue of demonetization. Hence this submission of ld. counsel for Petitioner cannot survive and the same is accordingly dismissed.”, their petition said.In April, the Centre had informed the Supreme Court that it took a "conscious decision" not to extend the period beyond December 30 last year for exchanging the demonetised currency notes unlike for NRIs which ended on March 31.Initially, everyone was allowed to exchange the demonetised currency till March 31.Explaining the further delay, the petition said Even the aforesaid old currency notes after the opening of the bank lockers was in custody of the ld. ADJ Succession Court, Saket Courts, New Delhi and Petitioners did not have any right and possession of said currency till the grant of the letter of Administration. Therefore, the Petitioners were not in position to deposit the same before the specified banks or RBI.CENTRE ALREADY SAID NO EXTENSIONThe fresh petition comes at a time when the SC, in another similar case, asked the Modi government to specify if people with genuine reasons can be allowed to deposit the demonetised currency notes."If one can establish that the money was his or hers, you can't deprive them from depositing the money," it had told Solicitor General Ranjit Kumar. "If there is a genuine person with valid reasons, he should have an opportunity to say that he has failed to deposit his money, and he must be given a window."But in its affidavit, the Centre opposed providing another window of opportunity to people to deposit the demonetised notes beyond the December 30, 2016 deadline, saying it would defeat the very purpose of demonetisation that is elimination of black money.Already two such petitions are pending in the court.A Faridabad-based couple approached SC for permission to deposit Rs 83,000 in old notes as they could not do it before the December 30 deadline as the cash stash was found in bank locker of her deceased father.In the other, Abhishek Shukla, who was arrested for being a "bookie" but was later set free along with former cricketer S Sreesanth in the 2013 IPL spot-fixing scandal, knocked the doors of the apex court requesting it to allow him to exchange Rs 5.5 lakh in demonetised notes that were seized from him during the investigation.

SC Grants 4 Weeks Time To RBI, Centre On Siblings’ Plea For Exchanging Old Notes Found In Dead Parents’ Locker

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