The Supreme Court on Thursday asked the Centre how “crores in new currency” were being seized “every day”, even as banks have expressed their inability to dispense Rs 24,000 to each account holder — the weekly withdrawal limit set after demonetisation.

“How are some people getting crores in new currency?. How are they able to get so much money?” a three-judge Bench of Chief Justice of India T.S. Thakur and Justices A.M. Khanwilkar and D.Y. Chandrachud asked the government. “Bank managers are doing this fraud. We have arrested some of them. Look at the raids we did on Axis Bank. At least Rs. 10 crore, of course in new currency, was found hidden somewhere in the bank,” Attorney-General Mukul Rohatgi replied.

“Has your Rs 5 lakh crore (new currency notes) gone the same way? We are asking you this because people are complaining they have not been able to see this money,” the bench asked Rohatgi. The court said it seemed to be a problem of extremes. “Some have plenty (of new currency), and there are some who have nothing,” it said.

Citing an example, Rohatgi said petrol pumps deposited mostly Rs 500 and Rs 1,000 notes in banks when the exemptions were allowed. He said the government had reason to believe that the old notes were exchanged at a premium. “Besides, it cannot be a matter of judicial review as to which exemptions should continue. After all, these are issues of executive policy,” asserted the AG.

The court reserved its order on issuing interim directives in the matter. It is likely to pronounce its order in the first week of January.