Losing Trust in Paper Currency

Copied below is the submitted version of 
my letter published in ET on July 19, 2017

Losing Trust in Paper Currency
This refers to the report “Govt Rules Out New Window to Swap Demonetised Notes”* (Economic Times, 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reasons for denial of further extension of time for exchange of SBNs (Rupees one thousand and Rupees five hundred notes withdrawn from circulation on November 8, 2016) has not addressed the concerns expressed by the Apex Court about denial of opportunity to genuine holders of SBNs after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
*Link copied below:

http://www.thehindu.com/todays-paper/centres-no-to-sc-appeal-on-old-notes/article19299106.ece 

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