New window to defeat demonetisation purpose, Govt to SC
Jul 6, 2017, 12:13 IST
While the Centre will "respectfully consider" the advice given by the Supreme Court about providing another window for exchanging demonetised Rs 1,000 and Rs 500 currency notes, it will also tell the apex court that doing so may defeat the very purpose of demonetisation.
"We share open borders with countries such as Nepal and Bhutan. There is a likelihood that a lot of currency will make its way back into the system... this will ruin the purpose of demonetisation. We will inform the Supreme Court of this and seek its advice," a senior government official told ET requesting anonymity.
Senior officials added that demonetisation has had a "tremendous impact" on nipping funding provided to terrorism and Naxalite operations, and if another window is opened, the facility will be misused by such elements.
"With due respect to the Supreme Court's order, we would want to say that we have done everything to make it possible for people to exchange notes. We would want to list everything that we have done to facilitate the process and reduce the difficulty people faced. Any more exemptions will lead to dirtying a system that was cleaned up after much effort," another official said.
Advertisement
"We share open borders with countries such as Nepal and Bhutan. There is a likelihood that a lot of currency will make its way back into the system... this will ruin the purpose of demonetisation. We will inform the Supreme Court of this and seek its advice," a senior government official told ET requesting anonymity.
Senior officials added that demonetisation has had a "tremendous impact" on nipping funding provided to terrorism and Naxalite operations, and if another window is opened, the facility will be misused by such elements.
"With due respect to the Supreme Court's order, we would want to say that we have done everything to make it possible for people to exchange notes. We would want to list everything that we have done to facilitate the process and reduce the difficulty people faced. Any more exemptions will lead to dirtying a system that was cleaned up after much effort," another official said.