The matter related to RBI’s letter asking District Central Cooperative Banks (DCCBs) to destroy old currency notes and keep written records of them came up for hearing in the Supreme Court on 12th September.
The court adjourned the case until 24th September, dashing the hopes of any quick relief. The matter did come up for hearing but the Honourable Judge adjourned the case for 24th September, informed Ramesh Thorat, Chairman of Pune District Cooperative Bank.
“The advocate from the other side was not present on the day of hearing and the apex court adjourned the case until 24th September. Several representatives from Maharashtra DCCBs and our bank MD were present in Delhi when the hearing took place”, Thorat said to this correspondent on the phone.
Thorat expressed his hope that the verdict would come in favor of the Maharashtra DCCBs.
According to an estimate, eight district central cooperative banks including Pune, Sangli, Wardha, Nagpur, Ahmednagar, Amravarti, Kolhapur and Nashik are stuck with old currency notes of over Rs 110 crore after demonetization.
Readers would recall that the letter issued by NABARD to District Central Cooperative Banks (DCCBs) of Maharashtra asking them to destroy old currency notes and keep written records of these losses had created panic among the banks having old currency notes in their coffers.
After the letter, the representatives of DCCBs knocked at the door of the apex court. Later, the SC has allowed DCCBs across the country to show nullified currency notes as cash in hand instead of showing them as losses in their balance sheets. But the final judgement is yet to come and it is learnt that the final judgement will likely come on 24th Sep.