more-inThe Supreme Court said on Tuesday that it will first decide whether there is a need at all to open a window for the public to exchange or deposit their demonetised currency notes post the cut-off date of December 31, 2016 prescribed under the Specified Bank Notes (Cessation of Liabilities) Act. The possession of demonetised notes is now an offence under the Act. The petitions have claimed that the government went back on its word to offer a grace period to deposit and exchange demonetised currency. Khehar said the court would first decide whether there was a need for such a grace period, and then depending on the outcome, factually decide on individual demands for more time to deposit or exchange demonetised currency notes. The Supreme Court posted the case for hearing in July 2017 as counsel for one of the petitioners sought time to respond to the recent reply of the Centre on the issue.

Source: The Hindu April 11, 2017 19:30 UTC