The Centre told the Supreme Court on Monday that it can’t give people another chance to deposit demonetised currency notes, saying that a new exchange window suggested by the apex court would defeat the purpose of the exercise.

"The very object of demonetisation and elimination of black money will be defeated if a window is opened for further period as the persons in possession of scrapped currency notes would have had sufficient time and opportunity to carefully plan the reasons and excuses for not depositing them by the December 30 deadline," the finance ministry told the court through an affidavit.

"Going by the extent and enormity of malpractices observed during the post-demonetisation period, it is apparent that in case a fresh opportunity is offered for exchange of specified bank notes, it would lead to rampant illegal trading of these notes (they being traded at a discount)," the Centre added.

The top court is hearing petitions filed by those who were denied permission by the Reserve Bank of India to deposit their money after the deadline. During the last hearing, the court had asked the government to consider giving some more time to people who were unable exchange notes due to genuine reasons.