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PHC B SPECIAL MATTER 10 12 2025 (English)
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It was submitted that if the Government has issued such notification after due consideration, it is obliged to ensure that its commitment made under the said notification is implemented without any exception. The ground reality, however, contends learned counsel, is that the Banks are refusing to pay full amount of Rs.24,000/- per account holder per week on the ground of non-availability of enough volume of legal tender currency. According to the learned Attorney General, the Government has already made it amply clear that it would take around 50 days time to streamline the cash flow. That period is still not exhausted. He submits that as of now the Reserve Bank of India has been able to infuse around Rs.5,00,000/- of the new legal tender notes in the form of Rs.500/- and Rs.2,000/-. That is almost over 40% of the amount of demonetized notes already deposited with the Banks. Further, the Authorities are working to the best of their ability to defuse the crisis of cash flow situation by printing new notes. It is further submitted that for the nature of decision taken by the Government to unearth the black money or unaccounted money and to dry up the terror fund and defeat the attempt of circulation of large scale counterfeit currency, maintaining complete secrecy of such a decision was imperative. For that reason, new currency notes could not be printed well in advance. He submits that the old demonetized notes will be replaced by new legal tender notes in the form of Rs.500/- and Rs.2000/- progressively in right earnest. Considering the stand taken by the learned Attorney General, we may commend to the Authorities to fulfill their commitment made in terms of the stated notification permitting withdrawal of Rs.24,000/- per account holder of the Bank per week to the extent possible and review that decision periodically and take necessary corrective measures in that behalf
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