OLD NOTES might be misused

New Delhi, July 07: As we knew that, Supreme Court has been asked the Central Govt to give another chance to Exchange the old notes, from this perspective The government is likely to submit its explanation to the Supreme Court on 18th of this month.

According to the officials, While the Centre will respectfully consider the Supreme Court's observation that the government and RBI provide another window for exchanging demonetised Rs 1,000 and Rs 500 currency notes, it will also tell the court that opening such a window "may defeat the purpose" of a radical reform like demonetisation.

Senior officials familiar with the government's thinking on the matter told the media that opening another window for exchanging old notes may lead to "many abuses" of the facility. According to the Senior officials said that "But if a facility for exchanging old currency is opened, high-denomination notes outside the country will come back".

The Senior officials also added that "We share open borders with countries such as Nepal and Bhutan. There is a likelihood that a lot of currency will make its way back into the system… this will ruin the purpose of demonetization. We will inform the Supreme Court of this and seek its advice."