In Brief
This judgment addressed the predicament of currency traders who could not deposit demonetized Rs 500 and Rs 1000 notes by the 31st December 2016 grace period. The petitioners relied on the Prime Minister's 8th November 2016 announcement and the Finance Ministry notification promising deposit facilities at Reserve Bank offices until 31st March 2017. The Court found that while the demonetization scheme clearly announced such an extended facility, no actual mechanism existed to permit deposits after the grace period. The writ petitions were disposed of, acknowledging the genuine reasons for the petitioners' non-compliance but finding the matter required attention from the competent authority.
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