SC notice on plea to deposit Rs 1.17 crore banned notes

The Supreme Court has issued a notice to the Centre on a plea by a Tamil Nadu-based businessman who failed to deposit Rs 1.17 crore in scrapped currency notes within the stipulated time frame in December 2016.

The businessman moved the top court urging it to pass directions to the Reserve Bank of India and the Centre to accept the bank deposit.

Businessman K Raman, who hails from Madurai, contended in his petition that he had moved the Tamil Nadu Mercantile Bank in Tiruppur, which is the fifth-largest urban centre in the state on December 30, 2016, seeking to deposit the money, but the officials at the bank refused to accept it.

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