India News

Supreme Court directs Centre to reply within two weeks

Supreme Court directs Centre to reply within two weeks
An Indian protestor holds placards of banned 500 and 1000 rupee notes during a protest against demonetisation, in Mumbai on November 28, 2016. Tens of thousands of people turned out November 28, for nationwide protests against India's controversial ban on high-value banknotes, which opposition party organisers say has caused a "financial emergency". / AFP PHOTO / INDRANIL MUKHERJEE

NEW DELHI: After the announcement of demonetization of old notes in India on Nov 8 the country lost about ₹16.42 trillion (US$260 billion) of value as calculated by RBI in March 2016.

After the country lost trillions of its money in a day, leaving people crippled for months and now when the country is trying to recover from the losses, here comes SC direction asking Centre to justify why the hard earned money should go wasted due to the ban.

In a strict tone, the Apex Court has directed Centre to respond within two weeks of time to whether or not the citizens will get another chance for depositing the old currency.

The decision comes after Centre agreed earlier to decide about the same after examining ‘the genuineness of each case’ before the Apex Court.

The direction to the Centre demanded reply within two weeks.

“You cannot trash a person’s genuine hard-earned money and let it go waste like this… you had promised them a window, now you can’t go back on your word to those who had genuine difficulty” said the Apex court.

It added, “If a person can prove it is his money and he/she had real difficulty in depositing by December 31, he must get a chance to change them”, as reported by TOI.