Centre's 'no' to SC appeal on old notes: The Hindu
http://www.thehindu.com/todays-paper/centres-no-to-sc-appeal-on-old-notes/article19299106.ece
July 18, 2017
Trust in paper currency
This refers to
the report “Centre's 'no' to SC appeal on old notes” (The Hindu, July 18). GOI
response giving reasons for denial of further extension of time for exchange of
SBNs (Rupees one thousand and Rupees five hundred notes withdrawn from
circulation on November 8, 2016) has not addressed the concerns expressed by
the Apex Court about denial of opportunity to genuine holders of SBNs after the
cut-off date/s. Supreme Court is unlikely to further embarrass GOI by raising
further queries and in all likelihood will close the deliberations at this
stage.
This decision of
the government under cover of its legislative supremacy has resulted in erosion
of public trust in paper currency which did not happen by withdrawal of legal
tender status of specified bank notes. Indirectly, GOI has pleaded inability to
handle criminal use of currency by miscreants as a ground for arbitrarily
forcing an expiry date for a solemn promise made by Reserve Bank of India,
which was supported by a Sovereign Guarantee.
This will have
far reaching implications on the public trust in paper currency.
M G Warrier,
Mumbai
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