New Delhi sources have stated that one last opportunity to deposit the 500 and 1,000 rupee notes that were banned in November will defeat the whole point of demonetization as well as the battle against black money, the government told the Supreme Court today.
Sources have stated that earlier this month the top court had asked the centre to consider a final window to benefit those with a genuine reason for not turning in the outlawed notes by the end of last year, the deadline that was set by the RBI after Prime Minister Narendra Modi's shock announcement on demonetization.
It was stated that PM's announcement in November meant that within a few hours, 86% of the cash in circulation was pulled. A shortage of currency forced long lines at banks as people queued up to return old notes or exchange them for the new Rs 500 and Rs 2,000 notes that were introduced with high security features.
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