In a new affidavit filed before Supreme Court on 17th July 2017 Central Government made it clear that it cannot give more time to deposit old currency notes, as in case a fresh opportunity is offered for exchange of SBNs, it would lead to rampant illegal trading of these SBNs (that is, the SBNs being traded at discounts) thereby defeating the very purpose of demonetization,
The very object of demonetization and elimination of black money will be defeated if a window is opened for a further period as the persons in possession of the SBNs would have had sufficient time and opportunity to carefully plan the reasons and excuses for not depositing the SBNs within the permitted period that is before 30.12.2016. Any number of benami transactions and user proxies for the purpose of producing and depositing SBNs would then arise which the departments would have great difficulty in deciding any genuine case from the numerous bogus ones.”.
It is submitted that the period 09.11.2016 to 30.12.2016 was fairly a very long period during which any one can either himself or through his authorized agent/third person could have deposited/ exchanged the specified bank notes subject to following the prescribed norms. In other words, what was permitted was exchange and or deposit of specified bank notes during a block period a period up to and including 30.12.2016 either in person or through authorized third person,.
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