Central government no more avenues to exchange the demonetized old currency notes
Posted on: 18/Jul/2017 10:57:41 AM
The central government has informed the Supreme Court that it cannot give any more avenues to exchange the demonetized old currency note of Rs. 500 and Rs. 1000.
Earlier, the Supreme Court, after conducting an enquiry on a petition regarding this issue, had ordered the central government on 4th July to explore the possibilities of giving one more opportunity.
Consequently, the central government, in a reply petition to the Supreme Court, has informed that the old notes were demonetized with the main purpose of to eradicate the black money and also that sufficient time was given for exchanging these old currencies of Rs. 500 and Rs. 1000.
The central government further explained that giving more avenues to exchange the old currencies will obviate the original intention of eradicating the black money in circulation.
