SC refuses to extend time for usage of banned Rs 500 notes

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Supreme CourtAfter hearing a plea challenging demonetisation on December 16, the Supreme Court refused to extend time for use of banned Rs 500 currency notes.

Referring to pleas challenging the notification on demonetisation, the court accepted the Attorney General’s assurance that Rs 8,000 crore collected by DCBs between November 11 to 14 be allowed to be exchanged.

The government was asked to fulfill the commitment of Rs 24,000 withdrawal per week to the extent possible, it was expected that the SC would order continuance of Rs 500 notes for some more time, but that was not to be.

The top court also stayed all the pleas against demonetisation notification in all high courts and said that only the SC would hear them.

On December 15, the SC rebuking the government asked it to provide the public with enough cash as they were facing inconvenience due to its shortage.

The government urged the SC not to pass any interim order on note ban as the move will lead to cases of black money which the SC bench did not buy, saying when common man was not getting a single note, large amounts of new notes were being recovered throughout the country.

The government has now completed a total phased out of Rs 500 and Rs 1,000 notes from the banking system. Till December 15, Rs 500 notes enjoyed usage at select outlets, including LPG centres, petrol pumps, paying public taxes and school fees with a cap.