Cannot allow exchange of Rs1 crore in scrapped notes, says Mumbai court | mumbai news | Hindustan Times
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Cannot allow exchange of Rs1 crore in scrapped notes, says Mumbai court

mumbai Updated: Dec 25, 2016 00:33 IST
Charul Shah
Charul Shah
Hindustan Times

Poeple queue up outside an ATM to withdraw cash in Goregaon.(Pratham Gokhale/HT)

A magistrate court on Wednesday rejected the plea of a woman seeking replacement of Rs1.01 crore cash lying in her sealed bank locker in demonetised currency notes by new notes, observing that allowing dead stock of such a huge amount in a bank locker will not be in public interest.

“In today’s scenario, where there is a cash crunch in the entire nation, stacking such a huge amount of Rs1,01,86,000 in the locker will be not in the interest of justice or the public at large,” observed SV Sahare, additional chief metropolitan magistrate of esplanade court, while rejecting the woman’s plea.

The wife of one of the key accused in a bank fraud case, Neela Mahabaleshwar Bhoomreddi, had approached the magistrate court, seeking a direction to Economic Offences Wing of the Mumbai police, which is investigating the case, to get the currency notes lying in the seized locker of a bank in Thane exchanged and replaced.

Bhoomreddi pleaded that she will lose the amount and the currency will be of no use if it is not replaced. The court then called for a reply from the investigating officer. The officer replied saying they may be allowed to exchange the notes and the amount may be allowed to be deposited in the account of EOW, Mumbai with the Churchgate branch of the State Bank of India.

The court rejected Bhoomreddi’s plea stating the locker was now in the custody of the investigating officer and the accused cannot seek such direction from the court. The court said it is the officer who has to look into the issue first, as the locker is seized and sealed.