No more chances to exchange demonetized notes: Centre tells Supreme Court

It added that opening another window for exchanging Rs 500 and Rs 1,000 notes will result in "any number of benami transactions and make it hard to identify genuine cases from the bogus ones".

However, the Ordinance issued on December 30, 2016 had specified that only those who were overseas or armed forces personnel posted in remote areas or others who could give valid reasons for not being able to deposit the cancelled notes at banks, could deposit the demonetised currency notes of Rs 500 and Rs 1,000 till March 31.

After being recommended by the Supreme Court to provide the people with a "window of opportunity" to deposit their old currency notes, Centre said the move would defeat the objective of the demonetisation drive.

The Supreme Court today refused to pass any direction on a plea filed by a man seeking a direction to exchange over Rs 14 lakh, which were found in his bank locker of his late mother.

Demonetisation: "The government issued new notes to replace the old ones".

The Centre on Monday told the Supreme Court that allowing people more time to deposit their demonetisation notes will defeat the point of its battle against black money, reported news agency PTI.

During the pendency of the case, demonetisation policy was implemented and therefore, got had no option, but to approach the appropriate court of law to get the old currency exchanged and transferred into the account of his late mother, he said.

Prime Minister Narendra Modi had on November 8 announced in a surprise television broadcast that banknotes of Rs 500 and Rs 1,000 denominations would cease to be valid the following day, wiping out an estimated 86% of the cash in circulation. On being asked by the Parliamentary Standing Committee on Finance to reveal the amount of demonetised currency which was deposited between November 8 to December 30, RBI Governor Urjit Patel said the counting is still underway.

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.

However, the Ordinance, issued on December 30 last, had specified that only those who were overseas or armed forces personnel posted in remote areas or others who could give valid reasons for not being able to deposit the cancelled notes at banks, could deposit the demonetised currency notes of Rs 500 and Rs 1,000 currency notes till March 31.

One of the pleas has also referred to the Specified Bank Notes Cessation of Liabilities Ordinance and said the government had breached the assurance.