From April 2017, Rs 500, Rs 1,000 notes to be illegal
The Centre informed the SC on Tuesday that it would bring a law to make possession of demonetised `500 and `1,000 currency notes after March 31, 2017 a punishable offence
By Aditya Abhyankar in General Legal
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Nov. 16, 2016, 5:52 p.m.
The Centre informed the SC on Tuesday that it would bring a law to make possession of demonetised `500 and `1,000 currency notes after March 31, 2017 a punishable offence. "People can deposit their cash in scrapped currency notes till December 30 and with explanation by March 31, 2017. After March 31, the law will make it a punishable offence to possess or transfer scrapped currency notes," attorney general Mukul Rohatgi told a bench of Chief Justice T S Thakur and Justice D Y Chandrachud.
The AG said the Center at the highest level was monitoring the situation on a daily basis. "We found that some people started booking first class flight tickets for abroad with demonetized currency notes immediately after the January 8 announcement. We are examining each and every new modus operandi employed by some people to surreptitiously route their black money into the mainstream," he said.
The bench asked whether printing of new currency notes could be speeded up to ease the pressure on ATMs and bank branches. The AG refused to give the information and said it was a security issue and the figure could not be made public.
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