Demonetisation deposits will make money white, under taxman’s radar: CJI

A view of the Supreme Court of India.  

The Supreme Court again leaned in favour of the demonetisation policy of the government, saying it will bring black money into the banks and under the taxman's radar.

A Bench of Chief Justice of India T.S . Thakur and Justice Anil R. Dave on Friday was hearing a plea by advocate M.L. Sharma that the November 8 RBI notification permits only individuals to deposit their old notes of Rs.. 500 and Rs. 1000 and not private entities, religious groups and political parties.

“Once money is deposited, money becomes white and the Income Tax department will tax them,” Chief Justice Thakur responded.

Mr. Sharma further submitted that the colour on the new currency notes of Rs. 2000 is washed away when put in water.

The lawyer said this would expose the currency to counterfeiters and black marketeers.

“But why should you put your money in water at all?” Chief Justice Thakur asked lightly.

“It is like 'paise paani main gayi saarey (money is all gone in the water),” Justice Dave, who is retiring today, remarked.

“Today we are all in water,” Mr Sharma pitched in.

“Then don't put money in water,” Chief Justice Thakur said, agreeing to hear the plea on November 25.

The court has sought a comprehensive report from the government by November 25 on how they plan to alleviate the sufferings of the common man who wait for hours in queues outside their banks for money.

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Printable version | Jul 25, 2021 3:08:31 PM |

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