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 The Apex court on Friday canceled 14 petitions seeking to deposit old currency notes which was banned by Narendra Modi led government last year on November 8.

The centre told Supreme court that there will be no action against the petitioners who were holding demonetized currency notes of Rs 500 and Rs 1000

The government, in its affidavit, has already told the court that people cannot be given another chance to deposit old notes as doing so would defeat the purpose of entire exercise.

People having ceased notes were given the time till December 31, 2016 to deposit their old notes.

According to report by Reserve Bank of India (RBI) revealed that as much as 99 per cent of the banned currency notes came back into the banking system.

 

 

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