The Apex Bench wanted to know why the public was unable to withdraw even the minimum weekly withdrawal limit of Rs 24,000 that was decided on by the Centre.

SC asks Centre to clarify whether co-op banks could accept old demonetised notes
news Cooperative Banks Friday, December 09, 2016 - 19:01

The Supreme Court on Friday asked the Centre to clarify whether cooperative banks could be allowed to accept old demonetised notes. The Apex Court was hearing a batch of petitions challenging the Centre’s sudden demonetisation move on 08 November that caught the common man unawares.

The bench consisting of Justices DY Chandrachud and AM Khanwilkar and headed by SC Chief Justice TS Thakur directed Attorney General Mukul Rastogi to apprise the Court on the Centre’s stance on the role of cooperative banks in the post-demonetisation scenario.

14 District Cooperative Banks (DCB) in Kerala had approached the Supreme Court on 29 November seeking removal of the RBI ban on them from accepting or exchanging demonetised notes.

This was just five days after the Centre had filed an affidavit in the SC terming its demonetisation move as a bold one that sought to flush black money and slush funds out of the Indian economy.

But even after a month, the masses are reeling under an acute cash crunch, with the majority of ATMS running out of cash in a matter of few days. The Apex Bench wanted to know why the public was unable to withdraw even the minimum weekly withdrawal limit of Rs 24,000 that was decided on by the Centre. 

It also proposed framing of various legal queries that could be deliberated upon in the course of a further hearing that is scheduled for 14 December. The Court also  asked all parties concerned to come together to decide which of the cases filed -with regard to demonetisation- should be dealt by the High Court, and ones that could be referred to the Supreme Court.

Even as the Attorney General sought a stay on cases filed in various High Courts in the country against the demonetisation move, the Bench said it would consider the same in the next hearing.

It was on 02 December that the Apex Court had asked the Centre to delineate the measures adopted to resolve the demonetisation-troubles faced by rural folks.

 

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