Last date to deposit old currency notes in bank accounts – Latest news

On 3 November 2017 Centre said to Supreme Court that no extending of dates is allowed for exchanging old currency notes. No legal action will be taken against petitioners who are possessing demonetized notes. Final decision will be taken in hearing on last week of November 2017. Will Indian Government make a decision to change last date to deposit old currency which has expired on 31-12-2016, 31-3-2017 to a further new date. Exchange of old demonetized notes was allowed only till few days of demonetization order. Next last date of 31st December 2016 was for all Indian citizens to deposit their Rs.500, Rs.1000 notes in bank accounts. After that next chance was for NRI’s, people from India on travel to other countries to deposit or exchange their old notes till 31 March 2017.

In the first chance to exchange old notes till 31 December 2016 (31/12/16), thousands of people were not able to go to bank branches to deposit demonetized notes. Recently on Tuesday, 4th July 2017 Supreme Court has asked Centre and Reserve Bank of India (RBI) to give one more chance to all citizens to deposit old notes in their possession. Now discussion is going on whether Indian Government will try to open a new window to accept demonetized notes from people or not. If this is not done thousands of Rs 500, Rs 1,000 notes with people will become useless for them.

Supreme Court had told Centre to take some action on this matter as there were a total of 60 cases which were pending from complaints of people in different states regarding this issue. Central Government which passed Specified Bank Notes Bill in February 2017 has lot of things to defend in this case. This move by Narendra Modi government was to bring an end to black money and corruption in India. Demonetization of old currency notes of values Rs.500, Rs.1000 was done on 8th November 2016.

If exchange of demonetized notes is to be allowed then it should be done in a very secure manner only. In apex court of Supreme Court, advocate for Central Government said that an option to open window for exchanging or deposits of old notes can be done only after consideration of all facts. If this is not done, then all sufferings by people in fight against lack money will go in vain.

As per latest news of giving a new last date to deposit old currency notes, Indian Government will take a decision only after considering of all possibilities with Reserve Bank of India (RBI).

Latest news on Last date to deposit old currency

Central government had earlier told to Supreme court that extending deadline of exchange of old notes was not being considered. Centre has fixed 30 December 2016 as last date of exchange of old notes to prevent any huge exchange of demonetized notes in form of black money. People were given less time to exchange old notes to prevent black money being exchanged in bulk quantities.

Supreme Court asked Government why NRI’s and special categories of people were allowed to exchange old notes from Reserve Bank of Inida (RBI) till 31 March 2017 and 30 June 2017.

On 3rd July 2017 there was a hearing in Supreme Court apex bench in complaints filed by people who are not able to exchange old demonetized notes. Supreme court justice ordered Government to consider opening a window for exchanging of old notes of citizens.

last date to deposit old currency

Hindi News – ५००, १००० पुराने नोट भदलने की लास्ट डेट के भरा में सुप्रीम कोर्ट की निश्चय

English News – Rs.100, Rs.1000 Notes exchange date should be revised – SC

Telugu News – Supreme Court Order to RBI, Govt on Old Notes

In answer to this Government’s counsel said that opening a wide window to accept all old notes to be deposited through bank branches may be impossible. If this is done all black money in form of demonetized notes will be get deposited in banks. To avoid this situation Central Government may or may not think of possibilities to allow only few special counters at banks or RBI branches. All applications for exchange of old notes will be settled individually case by case.

Only if there is a genuine reason available that they were not able to go to bank branches till last date of 30 December 2016, their old notes will be accepted. So there is a possibility that Central government will try to accept old notes ‘case by case’ by investigating in detail about any genuine reasons to accept these old demonetized notes. Final decision to accept deposit or exchange of old notes will be with Government appointed personnel only.

A final decision regarding this will be taken by Government after discussion of possibilities with Reserve Bank of Inida (RBI). Next hearing at Supreme Court regarding decision of last date to deposit old currency will be made in last week of this month. Every thing will be based on reply given by Central government in this matter at Supreme Court (SC).