The Supreme Court judgement asking the Centre and the Reserve Bank of India to consider providing grace time to people who couldn’t deposit the demonetised currency of Rs 500 and Rs 1,000 by December 30, 2016, for genuine reasons has brought relief to sev

Pune: The Supreme Court judgement asking the Centre and the Reserve Bank of India to consider providing grace time to people who couldn’t deposit the demonetised currency of Rs 500 and Rs 1,000 by December 30, 2016, for genuine reasons has brought relief to several people.

The apex court has given the Centre and RBI two weeks to decide on providing more time to people with genuine reasons to deposit the old notes.

“You can’t take away my money if I was terminally ill,” the Supreme Court Bench, comprising Chief Justice JS Khehar and Justice DY Chandrachud, said while slamming the government over its December 30 deadline to deposit old notes in banks.

The news has brought relief to numerous people who are still in possession of a substantial amount of old currency notes for a variety of reasons.

Speaking on the matter, city-based chartered accountant Rishabh Parakh said it is a welcome judgement from the apex court. “It is a very good move and will help those who are in possession of a substantial amount of old currency notes. There can be several people who did not know that they had old notes until the deadline was over. This extension will be a big relief to them,” he said.

He, however, also mentioned that providing a valid reason may be a challenge. “Even while depositing notes towards the nearing of deadline or until March 31, people had to provide valid reasons for depositing the money. This could be a challenge for anyone who wants to deposit the old currency notes that they possess,” he said.

Parakh added that this move will benefit persons who are holding a substantial amount. “People who have bigger amounts running into lakhs will benefit from this as compared to people who possess old notes worth a few thousand,” he said.