India, March 10 -- The Bombay high court recently directed the Reserve Bank of India (RBI) to accept old demonetised bank notes from a group of people, whose currency notes had been seized by the Income Tax department during a raid soon after the demonetisation policy was announced. The confiscated amount was returned to the petitioners after the deadline to deposit the invalidated notes had passed.

The group from Kolhapur had an amount of Rs.20 lakh with them. After the demonetisation policy was adopted by the government in November 2016 and the announcement to deposit Rs.500 and Rs.1000 notes in bank accounts before December 31, 2016, was made, the group members decided to deposit the amount in their joint account. But a raid by the in...