On 4th July 2017, Supreme Court asked Reserve Bank, Indian Government to inform in next hearing regarding what action it will take to accept demonetized notes of public. Supreme Court is of opinion that all old currency notes of 500, 1000 denominations from people with genuine reasons should be allowed to be deposited or exchanged. How to deposit old notes in RBI counters is now the main concern of most people as last date is reaching.
Demonetisation impact that started on 8 November 2016 has not been completely over. Five month time for exchanging old banned notes is coming to an end on 31st March 2017 (31-3-17). Withdrawal limits on bank accounts of all types including savings, current account .etc. has been completely removed from 13 March 2017. Also ATM withdrawal limits have been removed making an end to daily and weekly withdrawal limits. Indian Government had first said that last date for old currency notes exchange is 31st March 2017 and they suddenly changed it to 31st December 2016. Due to this most people did not get for old notes exchange or deposit in bank branches.
Now everyone is forced to deposit old currencies of denominations Rs.500, Rs.2000 at RBI’s special counters. On Tuesday, 21 March 2017 Supreme Court is giving verdict on PIL filed by Sharad Mishra regarding why people were not allowed time to deposit old currency notes in banks till 31st March 2017. India’s central bank RBI is accepting old currency notes only through it’s counters in Chennai, Kolkata,Nagpur , Mumbai, New Delhi.
When exchange date of demonetized currency notes at RBI are reaching to an end on 31st March 2017 there are lot of confusions to people. NRI’s and residents who were in travel are given time till 30th June 2017 to deposit old notes. Arrests of many people who possessed old notes in huge amounts are being done in many parts of country. Last day Hyderabad police arrested 16 persons who tried to exchange Rs 1.2 crore of denominations of old Rs.500, Rs.1000.
Another major complaint that we all heard recently was when many Indian soldiers who were in border areas said that they did not know about last date of exchange of notes. An Indian soldier who was in Siachen came to know about demonetization only when he got back home. When this jawan from Siachen went to exchange his old notes worth Rs.6000 he was not allowed by bank.
Another soldier who was in duty at Maoist area of Jharkhand said that he was in forest area away from phones. When he reached back and came to exchange old notes he could not do it. Indian Government and Reserve Bank should take care to avoid any problems caused to defense personnel in depositing old notes. When NRI’s are allowed time till 30 June 2017 to deposit old notes, why are soldiers who are guarding our country not allowed to get this privilege.
How to deposit old notes in RBI
Banned 500, 1000 rupee notes can be exchanged at special RBI counters in India till 31 March 2017. As last date for doing this exchange is nearing lot of enquiries are coming from all over the country. Last date for exchanging old notes in Bank branches was only till 30 December 2016. After this date there are many strict regulations in exchanging old notes which can be done only directly through RBI.
RBI counters to exchange notes for Resident / Non Resident Indians
How to deposit old notes by NRI’s was another great doubt for many people. RBI old notes exchange counters include RBI branches at Chennai, Kolkata, Nagpur, Mumbai, New Delhi and many other locations in India. NRI’s are allowed to deposit, exchange old currency notes till 30th June 2017. This is done through special RBI counters that are opened for exchange of old notes in Reserve Bank branches. With this facility all people who have been abroad and who possessed old currency notes in their hands can deposit it back. So all Non resident Indians and Indians who were on travel during demonetization period can make use of this opportunity to deposit old notes in to their bank accounts. NRI’s cannot deposit any other money except what they possess in hand. NRI old notes cash deposit limit is Rs.25,000 as per Foreign Exchange Management Act and it will be possible only till 30-6-2017 (30th June).
All Resident Indians who were abroad between 9th November and 30th December can deposit old notes up to any amount till 31st March 2017. Only One time exchange of old notes can be made by Resident Indians who were abroad during demonetization. Documents Aadhaar or PAN card has to be shown by Resident Indians and they should produce documents that they have been travelling during this period. This exchange of old notes is not allowed to Indians who were in countries like Pakistan, Bangladesh, Nepal, Bhutan.
request slip for exchange of old high denomination
Only up to Rs.4000 worth old Rs 50, Rs 1000 notes can be exchanged. For other higher denominations exceeding this limit, a separate request slip or form has to be submitted. Requisition Slip as per Annexure 5 along with Identity proof documents have to be given.
last date to deposit old notes in rbi
31 March 2017 for all people in India.
For NRI’s it is till 30 June 2017.
There has been many news reports that middle men / brokers are trying to collect old notes and doing exchanging for a commission.
There are reports that commission of 35% to 50% are being taken by many intermediaries when last date for exchanging of old notes is reaching.