Skip to main content

Five judge Bench to deal with pleas on depositing scrapped notes

By
Five judge Bench to deal with pleas on depositing scrapped notes 
A five judge Constitution Bench, which would decide the validity of the Centre´s November 8, 2016, decision to scrap Rs 500 and Rs 1,000 notes, would also deal with the pleas seeking to deposit the demonetised currency, the Supreme Court said on Friday.

ABench headed by Chief Justice Dipak Misra disposed of as many as 14 petitions, seeking its nod to deposit scrapped currency notes on the ground that they could not be deposited during the window period provided by Reserve Bank of India (RBI) due to compelling reasons.

It asked the petitioners to file interlocutory pleas in the pending petition to be dealt with by the Constitution Bench.“We think it appropriate that the writ petitioners shall file interlocutory pleas in the pending writ petition before the Constitution Bench,” the Bench, also comprising AM Khanwilkar and DY Chandrachud, said.

The top court said it has not opined on the merits of the validity of the ordinance or on the demonetisation decision, which would be dealt with by the larger bench along with the individual grievances.Attorney General KK Venugopal, appearing for the Centre, said the persons, who have approached the court for depositing scrapped notes, would not be prosecuted with regard to the amount specifically mentioned in their petitions.
Some petitioners claimed they have not challenged the constitutional validity of either the provisions of the RBI Act or the Centre´ notification, but they want to deposit their demonetised currency notes.

The Business Standard,  New Delhi, 04th November 2017

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
Post a Comment
Read more

GST collection for November rises by 8.5% to Rs.1.82 trillion

By
  New Delhi: Driven by festive demand, the Goods and Services Tax (GST) collections for the Union and state governments climbed to Rs.1.82 trillion in November, marking an 8.5% year-on-year growth, according to official data released on Sunday. Sequentially, however, the latest collection figures are lower than the Rs.1.87 trillion reported in October, which was the second highest reported so far since the new indirect tax regime was introduced in 2017. The highest-ever GST collection of Rs.2.1 trillion was reported in April. The consumption tax figures highlight the positive impact of the recent festive season on goods purchases, providing a much-needed boost the industry had been anticipating. The uptick in GST collections driven by festive demand had been anticipated by policymakers, who remain optimistic about sustained growth in rural consumption and an improvement in urban demand. The Ministry of Finance, in its latest monthly economic review released last week, stated that I...
Post a Comment
Read more