Demonetisation: Requests to change scrapped notes still pour in at RBI

RBI is everyday getting 600 applications and has already received more than 16,000-17,000 applications

geetanjali

Geetanjali Minhas | March 7, 2017 | Mumbai


#Mumbai   #scrapped currency notes   #RBI   #demonetisation   #PIO   #OCI   #India news  


 It’s been four months since demonetization took place, yet requests to change the scrapped Rs 500 and Rs 1000 currency notes are still coming at the Reserve Bank of India (RBI).

Sources at the RBI told Governance Now that all windows are now closed. Many people have taken up the matter with government and it is now upto the authorities concerned to take a call. 
 
“We thought the government will open the window for a few days. People have been telling us they thought (depositing scrapped notes) is allowed up to March 31,” a source said.
 
The RBI is receiving several inquiries and requests from courts, police and the CBI to accept old currency. 
 
“Court (officials) are angry with RBI for not accepting their money. It is not court’s money, but pertaining to different cases which is lying in sealed covers.  We are told that Mumbai police alone has Rs 300 crore of old currency. Though RBI is not exchanging notes, it is accepting their letters,” the source said and added: “It appears that Rs 1lakh crore is still lying with public. But RBI has no discretion over it. Even if government gives a 15 day window it will be a big relief for people.”
 
In his November 8 address to the nation, prime minister Narendra Modi had said, “There may be some who for some reason are not able to deposit their old 500 or 1000  rupee notes  by December 30, 2016, they can go to specified offices of RBI upto March 31, 2017 and deposit notes after submitting a declaration form.”
 
The RBI too had said, “Any person who is unable to exchange or deposit the specified notes in their bank accounts on or before December 30,2016 shall be given an opportunity to do so at specified offices of Reserve Bank or other such facility until a later date as may be specified by the Reserve Bank.”
 
On December 30, the president approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance ,2016  and people are not allowed to change notes. The ordinance grants exemption to only those people who were out of the country between  Nov 8  to December 30..
 
NRIs can exchange notes at only five RBI offices (Mumbai, New Delhi, Chennai, Kolkata, and Nagpur). People hailing from the western region are coming to Mumbai to exchange demonetized notes. 
 
After landing at international airport, they first visit the RBI office to change old currency. Passports, immigration documents, inward and outward details are being checked. It takes time to verify details causing a crowd at RBI office.
 
“Old people who are dependent on small amounts are facing difficulties. RBI is getting 600 applications daily and already received more than 16000-17000 applications. By March 31st, the number will reach 25,000. It is a voluminous task. The central office of RBI is being flagged on all issues at the ground level along with several letters,” said sources.
 
Sources said that as many as 70-80% people coming to change notes are senior citizens. It’s not only some Indian citizens, including old and sick people, who were unable to change currency.  Overseas Citizenship of India (OCI) and Persons of Indian Origin (PIO) too are angry as they were not informed that the window period was  only for Indian citizens. To avoid exchange rate fluctuation, OCI’s  hold 4-5 different currencies for their travels and have large amounts of old currency to change.
 

Comments

 

Other News

Modi wave, it seems, shows no signs of stopping

The voters’ trust in Brand Modi is not a short-term affair – if anything, it is only increasing, or so it seems going by the numbers exit polls have given after the Maharashtra and Haryana assembly elections. Predictions from three TV channels differ widely but each has the BJP/NDA in the top p

All you wanted to know about Maharashtra, Haryana elections

Fact Sheet: Maharashtra assembly elections * Date of polling: 21 October * Date of counting 24 October * Assembly Constituencies: 288 * 2014 results: The BJP contested 260 states, and won 122, with a voting percentage of

Manmohan Singh favours ‘time-tested measures’ for economy

The much hyped ‘double engine’ model of governance on which the BJP is seeking votes has utterly failed, and Mumbai and Maharashtra have had to face some of the worst effects of economic slowdown, former prime minister Manmohan Singh has said. A lot of problems facing Maharashtra

“If the oppn is weak you can’t blame the govt for that”

A three-term Rajya Sabha member, Sanjay Raut is the Shiv Sena spokesperson and its voice in parliament. He is also the executive editor of Marathi newspaper Samana, started by Shiv Sena founder Bal Thackeray. Raut spoke with Geetanjali Minhas on his party’s seat-sharing agreement

Ashish Shelar of BJP says, “We are very confident of victory”

Ashish Shelar, 47, was the president of the Mumbai city unit of the BJP, before he became the minister of school education, sports and youth welfare in the Maharashta government this year. He has represented the Vandre West constituency in the state assembly and seeking re-election. In a chat with

Nobel for economics goes to `global fight against poverty`

The Nobel Prize in economics for 2019 goes to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty." The prize, known as “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”, was announc



Archives

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter