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 a year ago, the deadline that was set by the RBI after Prime Minister Narendra Modi's shock announcement on demonetisation.
A bench headed by Justice Dipak Misra said that it would look into the plea after a batch of pending pleas on the issue of demonetisation were disposed of by a bench headed by Chief Justice J S Khehar. According to the NDTV, government told the Supreme Court of India that one such window will defeat the very objective of demonetisation to curb black money from the system.
Any number of "benami" transactions and proxy users for the objective of producing and depositing the old notes would then arise and the departments would have great difficulty in deciding any genuine case from the numerous bogus ones, it said, and sought dismissal of petitions seeking another chance.
Centre refused to allow another opportunity to exchange old high denomination notes worth Rs 500 and Rs 1,000 that were demonetised past year.
The CJI had suggested that the government should at least have one designated authority which would give every such case of those seeking to return old notes a fresh look.
The Centre on Monday told the Supreme Court that it will not grant citizens more time to deposit or exchange old currency notes, saying it will defeat the whole objective of demonetisation, The Times of India reported.
There have been instances earlier when the Chief Justice has asked the government to help genuine citizens.
The government had assured the people that demonetised currency notes could be exchanged at banks, post offices and RBI branches till December 30, 2016. However, the government said that adequate time was provided to exchange or deposit the old currency notes.
In a fresh affidavit submitted to court, the finance ministry said that the very objective of demonetisation and the elimination of black money would be defeated if a new window of exchange is opened for a further period. However, the deadline for non-resident Indians or NRIs was 31 March, 2017 which was later extended through an ordinance till Jun 30.
Patel, at the meeting, is believed to have said that the RBI hadn't arrived at the final figure just because the counting was still in progress. 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.