Old note exchange Supreme court order 2017 on demonetized notes deposit

Regarding exchange of old demonetized notes everyone’s eye is on Supreme Court order and Indian Government’s action on it. This is why old note exchange supreme court verdict is considered important. Common people of India who forgot about last date for exchange of old notes or was not able to go to bank branch due to some legible reason were most affected with demonetisation.

What can they do with these old notes they earned hard and saved at their houses. So every one is waiting anxiously regarding any news about extension of dates for depositing old notes. Banned Rs.500 Rs.1000 currency notes which have not been deposited can be exchanged if an opportunity is given. In online platforms, we could see that thousands of people are complaining that they were not able to deposit demonetized notes within deadline of 31 Decembe 2016 (31/12/2016).

NRI’s and people on travel were given time till 31 March 2017 to deposit in Reserve Banks special counters. Last date for tthis deposit by special categories like NRI was allowed till 30 June 2017. As this date has come to an end, Supreme Court has started taking up cases to decide on what should be regarding demonetized money of common people in India. Supreme Court is of opinion that hard earned money of common people should not go without any use. Legal tender of old Rs.500, Rs.1000 notes of people with genuine reasons should be exchanged at any cost.

Latest updates on decisions taken in Old note exchange Supreme court is now most discussed in India. It’s estimated that among 1 crores of citizens in India, there could be 1% of people who might have missed this last date for exchange of legal tender on 31-12-2016 due to some unavoidable reasons. If calculated at this low rate of 1% itself there will be around1 lakh citizens who still posses these demonetized notes with them.

As per Law passed by Government, possessing old demonetized notes of Rs.500, Rs.1000 in huge number is a criminal punishable offense. In this case a last chance should be given to every one for exchange of old currency notes.

Old note exchange Supreme court case news

On 4th July 2017, there was a hearing for 60 pending cases in Supreme court regarding old notes exchange filed from people of different states in India. Supreme court Apex bench Chief Justice JS Khehar asked regarding this to Centre solicitor general Ranjit Kumar and gave order to give a prompt reply within 15 days.

As per this move by Supreme Court, the Central government will have to consider all possibilities of giving one more chance to people for exchanging of demonetized notes. Within July 2017 end itself we can know about decision of Central government, when they give reply in next hearing at SC.

Old note exchange Supreme court

Main points given at Old note exchange Supreme court case are as follows,

  • If a person has genuine reason for not depositing money within last date, he or she should not be denied another opportunity.
  • If a person was ill and he / her family was not in a position to go to bank branch, then they should not be deprived of their money unless they are given another opportunity.


Supreme Court Justice JS Khehar who took up hearing in Apex bench gave strict warning to solicitor general Ranjit Kumar to get an appropriate reply in next hearing scheduled within 15 days.

Supreme Court Justice JS Khehar informed that they should not be forced to pass a three line order quashing notification of demonetized notes exchange last date. Justice JS Khehar also remarked that it is not possible to take away someone’s property or money unless they cannot establish that it’s owned by them. So if notes are demonetized then chances should be given to every one for exchanging with genuine reason in case it is his / her own money.

People of all states in India were in distress that they could not exchange their old notes. In case of many NRI citizens also they found it difficult to exchange old notes, as special Reserve Bank counters was very far for them.

This made many people file case at Supreme Court regarding allowing extending date for depositing or exchanging demonetized notes of values Rs.500, Rs.1000.