Most asked question by common people from 8 November 2016 is How to exchange 500 and 1000 notes in India. Why is it such a popular question and what happened on 8-11-2016. It was at 8.00 pm on 8th November 2016, demonetization order was passed by Narendra Modi. Demonetization of high value denomination notes of Rs.500, Rs.1000 in India was a historical one.
So actually what is answer to this question on How to exchange 500 and 1000 notes in India. This query is more popular after last date for exchange of demonetized notes ended on 30th December 2016. Only for few categories of people, exchange of old notes was allowed till 31 March 2017 and later to NRI’s till 30 June 2017. With in 50 days of demonetisation, most of people of India was not able to exchange or deposit their old notes.
All people who missed last date of demonetization were looking for information on how to deposit old notes in their possession. Demonetization means making a currency note into value zero by passing demonetisation order. It was hard earned money for all people and they cannot even think of giving it up as of zero value. For those who missed last date of exchanging these demonetized notes wanted some other way to get their notes exchanged.
Many people filed cases, complaints with High court, Supreme court regarding sanctioning order to allow them to exchange demonetized notes. On 3rd July 2017, when Supreme court looked into this hearing, there was around 60 cases pending before them. Supreme Court Chief justice for apex bench talked in strict words to Central government’s solicitor general to give citizens another chance to deposit demonetised notes.
Centre informed that it will decide to allow every one to exchange their old notes, only after examining case by case individually. Solicitor general also informed that Centre will not be able to allow an open window for anyone to deposit demonetized notes. Only through a strict monitoring and cross examination of details of each person, old demonetized notes of values Rs.500, Rs.1000 can be accepted.
How to exchange 500 and 1000 notes in India
An answer to How to exchange 500 and 1000 notes in India will be soon available.
Earlier last dates given by Indian government like 30 December 2016 (30-12-2016), 31 March 2017 (31-3-2017), 30 June 2017 (30-6-2017) have ended.
So a new date for exchange of old demonetized notes has to be given by Government. Hearing in this case is on 17 July 2017 and we will know more details on that day.
Chief Justice J S Khehar and Justice D Y Chandrachud was in apex court bench for hearing of this case. Meanwhile Solicitor General Ranjit Kumar appeared in Supreme court for Centre. Chief Justice ordered that a reply regarding this should be given by Centre within 2 weeks. So next hearing of Supreme court in demonetized notes exchange will be on Monday, 17 July 2017.
Indian Supreme court stood up with problems of citizens who were not able to exchange their old notes. Chief Justice said that if a person can prove that these old notes are his or her property, no one can deprive them of their property. If Government is not taking any action, Supreme court will be forced to quash demonetization note exchange notification given by Centre.
As Supreme Court has gone forward to talk strictly in this matter regarding pains of common citizens in exchanging their own notes, Centre will have to come up with a solution to it.