The apex court also accepted the assurance given by the Attorney General that Rs 8,000 crore collected by district cooperative central banks across the country between November 11 to 14 will be allowed to be exchanged with new currency notes as per the rules applicable to all banks.
At the same time, the bench turned down a plea by the co-operative banks to let them accept deposits and exchange demonetised notes. “We are not inclined to suspend that bar as an interim measure. This is especially when the decision is the outcome of financial policy which the respondents (government and RBI) claim to have adopted on the basis of experience. In particular, an apprehension has been expressed about the possibility of demonetised notes being converted or exchanged without proper audit, control or supervision,” it noted.
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(Sourced from agencies, feature image courtesy:oneindia.com)
