Old notes of Rs.500, Rs.1000 exchange last date was only till 30 December 2016. After this date demonetized specialized bank notes (SBN) cannot be exchanged else where as last date has been over. Nowold notes exchange date is only for Resident Indians who were not in country till 30-12-2016. Only those people except those who brought cash from countries like Nepal, Bhutan, Pakistan and Bangladesh are allowed to exchange old notes before those last date of 31 March 2017. They can exchange demonetized notes only at special counters of Reserve Bank of India by submitting id proof details. For NRI (Non Resident Indians) old notes exchange last date has been extended up to 30 June 2017 (30-6-17). RBI allowed up to Rs.2000 old notes exchange from 31 December 2016 (31-12-16) at it’s various branches. Presently old demonetized notes are accepted at RBI counters in Mumbai, New Delhi, Chennai, Kolkata, Nagpur. Supreme Court asked why did Government did not allow people to exchange old notes at banks till 31st March as mentioned before. On 21 March 2017, Supreme Court verdict by chief justice of India J S Khehar asked Central Government why all categories of people are not allowed to deposit old notes till 31st March 2017.
Supreme Court questioned why resident people traveling abroad, NRI’s are given special consideration. Most other categories of people are not allowed to deposit or exchange old notes till 31st March 2017. By passing an ordinance Indian Government has done favor to one category while they could have extended this time frame to everyone. Chief Justice of India J S Khehar asked whether Government is ready to provide more time to everyone to deposit old notes. If Government has no such intention all reasons for such a decision should be informed to Court.
Will there be a change in old notes exchange last date from 31st March 2017 to another date is mainly asked by all. Non Resident Indian’s (NRI) get timectill 30 June 2017, Resident Indians who were on travel to other countries abroad were given time till 31st March 2017 to deposit old notes at RBI counters.
Jawans and defense personnel who have been in duty at various border areas, forests, Siachen .etc. have been given time to deposit old notes. But there had been recently many complaints that soldiers in Jharkhand area, Siachen who were on duty were not allowed to deposit old note at RBI counters.
Giving false details to RBI on exchange of old notes will bring additional penalty. A special ordinance called ‘Specified Bank Notes Cessation of Liabilities Ordinance’ is passed with order of Indian President.
Strict regulations have been made to make sure that no one makes use of this as an advantage to exchange old notes for some one else. Old notes in lakhs to crores are being seized by Police from various parts of country as last date for exchanging demonetized notes is nearing.
Those who possess more than 10 old notes of denominations Rs.500 Rs.1000 will have to pay penalty for holding it. Through this ordinance it is illegal to posses old denomination notes after 31-3-2017 in India. Rs. 10,000 or five times the value of old notes held, whichever is higher is to be remitted as penalty fine.
Old notes exchange last date in banks and what to do after that ?
After demonetization it was said that old notes exchange can be done till 310th December 2016. But, exchange of old notes to get new currencies was allowed from 10 November 2016 to 24 November 2016 only. Many people thought that they have still lot of time till 30th December 2016 and there is no need to rush to banks to exchange old cash. All of a sudden on Thursday, 24th November 2016 it was announced that this is last date of exchange of old notes through banks.
From that time depositing of old notes was allowed at banks directly till 30 December 2016. Many people were not able to deposit their old denomination notes of 500, 1000 at banks before 30-12-2016. Such people who could not do it before this time frame are now in great difficulty with depositing old notes.
So what can you do if you have old currencies that you have not still exchanged from bank branches. This was one main doubt for people who have not still exchanged old notes.They have to approach RBI counters directly with necessary ID Proof.
Residents who were not in India during last date of notes exchange are allowed to do deposit of old notes till 31st March. So there is no need to panic if you possess few old notes with you and was not able to deposit it due to personal reasons. You can deposit it with RBI by 31st March 2017.
Supreme Court has asked Government whether it will extend time for everyone to deposit old notes of Rs.500, Rs.1000 denominations to another date. Indian Government is also required to furnish reasons why they are not doping so when few categories like Non Resident Indian’s (NRI), Resident Indians on Travel are granted time till 30th June 2017 (30-3-17) to deposit old notes.
Even if time is granted to everyone to deposit old notes at RBI counters, it seems difficult for them. It’s because there are only a few RBI special counters in country which is accepting it right now. Only if all Indians are allowed to deposit old notes in bank branches for few more days, most problems could be solved.
Last date for exchanging of old notes through bank branches was till 30 December 2016 (30-12-16). Earlier it was mentioned that everyone will get time till 31 March 2017 (31-3-17). This decision was suddenly changed to 30th December as last date to exchange demonetized Rs.500, Rs.1000 notes at bank branches to prevent black money exchange by people who got more time. Now last date for Resident Indians to deposit old notes in banks has expired. But every one has time to deposit old notes at Reserve Bank of India (RBI) counters till 31st march 2017. Branches of RBI at Mumbai, New Delhi, Chennai, Kolkata, Nagpur have been authorized to collect old notes from public after checking ID proof documents of depositors.
RBI Circular for all Eligible Resident Indians
Non Resident Indian’s (NRI) and Resident Indians on Travel
Old notes exchange last date for Non Resident Indian’s (NRI), Resident Indians on Travel is till 30th June 2017. Only NRI’s who have declared amount of demonetized notes they are bring to India from abroad are allowed to deposit it at RBI counters. A Customs Declaration Certificate is issued from Airport to NRI’s to prevent people bringing old notes from somewhere else than in their possession.
Old 500, 1000 rupee notes worth up to a maximum of Rs.25000 per person can only be brought to India. This limit is specified as per FEMA (Foreign Exchange Management) rules under Export and Import of Currency Regulations 2015. If you are an NRI and possess Customs Declaration Certificate you can deposit old notes at RBI’s special counters.
RBI Circular for all Non Resident Indians
Latest News on Demonetized Notes Exchange / Deposit
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Indian Prime Minister has decided to tighten up fight against black money by closing up all open doors. Old notes exchange last date was suddenly changed to 24th November 2016. With implementation of this decision old currency notes of Rs.500, Rs.1000 denominations can be only deposited in bank accounts. Limits on exchange of old notes was first allowed Rs.4000 once per person from 10-11-2016. Later exchange limit was increased to Rs.4500. When it was noticed that people started exchanging old notes from different banks, it was decided to bring a stop to it.
Exchange limit per person was suddenly changed to Rs.2000 and ink mark on finger was made compulsory on everyone who exchanges old currency. There were news reports that Black money holding people were using help of mafias to exchange old notes to get new currency notes. Such mafias used thousands of people to stand in queues and exchange old notes. To bring a stop to such malpractices being done in India, it was decided to make old notes exchange last date to 24-11-2016 without any previous notification. This sudden implementation comes as a blow to everyone who was indulging in such activities.
All deposits from 8-11-16 to 30-12-16 that exceeds Rs.2,50,000 (2.5 lakhs) will be checked by Income Tax department. Weekly withdrawal limit kept on all bank account transactions for ATM, Cheque .etc. has been removed completely. Now cash withdrawal up to rs.50,000 can be done from ATM counters like every one could do before demonetization. Cash withdrawal limits through cheque, withdrawal slips has also been removed completely for savings accounts, trade accounts, current accounts, cash credit accounts.
Will Central Government make any changes to old notes deposit last date in India. It is said now that old currencies can be deposited till 31 March 2017 for residents and 30th June 2017 for NRI’s. Those who plan to deposit old currency in their bank accounts have to do it at earliest without waiting for last date.