The topic of discussions on Rs.500, Rs.100 denominations old notes exchange last date latest news in India comes to an end as Reserve Bank of India makes it clear that there will be no further exchange of demonetized notes. There was faith for most people that exchanging of old notes will be possible in near future. But recently Indian Government and RBI has clearly mentioned that there will be no exchange of old notes in 2017 or in year 2018. Supreme Court case regarding it is going on at present.
In December 2017 the Reserve Bank of India has instructed Tirumala Tirupati Devasthanams (TTD) to send demonetized notes of Rs 500, Rs 1,000 denominations, 25 paise, 5 paise, 10 paise, 20 paise coins and damaged notes of total value Rs 26 crore to RBI office. There will be no exchange of these old notes or coins and Tirumala Tirupati Devasthanams have to bear entire courier expenses for sending it to RBI office.
News are coming out of a possible ban of 2000 notes in India from 2018 as per SBI report. On Friday 3rd November 2017 Central Government informed Supreme court that no actions will be taken against people who filed petitions that they failed to deposit old 500 and 1000 notes. Around 14 petitioners who demanded allowing one more time to exchange scrapped notes will not be prosecuted or have to face legal proceedings for posessing demonetized notes. This is latest news for people who have been waiting for old notes exchange last date latest news in India. Most people thought that Supreme court may extend last date or give a new date for exchanging these notes.
Exchange of old notes for Indian citizens ended earlier on 30 December 2016 and for NRI abroad citizens it was 30 June 2017. There are thousands of people who genuine reasons for not being able to deposit old demonetizrd notes before last date in their bank accounts.
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.
Old notes exchange last date latest news
Latest news – Everyone has been waiting to know about Old notes exchange last date latest news in India. All hopes of people have gone in vain and all prayers for changing old notes have gone into deaf ears. There were expectations that an exchange of Rs.500, Rs.1000 will be possible. Now it is clear that there will be no exchanging of demonetized notes by RBI unless directed by Supreme Court.
22-12-2017 – What will be last date for exchange of Rs.2000 notes if it is banned in India.
3-11-2017 – Indian government informed Supreme Court that no legal actions will be taken against petitioners who possessed demonetized notes of value Rs. 500 and 1000.
17-7-2017 – On 17th July 2017, Central Government informed Supreme Court that allowing exchange of old notes now will help in deposit of black money. Government is of opinion that allowing a window for exchanging of old notes should not be allowed. As Supreme Court is given a reply by Government, we have to wait and see verdict by SC on this hearing. This reply by Indian Government is shocking to people who have been eagerly awaiting for exchanging their demonetized notes.
4-7-2017 – Supreme Court asked Center to reconsider decision on extending last date of old notes exchange in India. This is most interesting news giving relief to everybody who was not able to exchange old currencies. Soon we will get new dates from Central government for old notes exchange last date.
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.
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.
30-3-2016 – There is huge rush at RBI offices as Old notes exchange last date in India is nearing. This is only for resident Indian citizens who have been away on travel. Why are so many people in India who has been in this country itself, not able to exchange before last date on 30-12-2016.
Many people had hidden their few 1000, 500 notes at home and forgot about it.Many kept their notes between dress in Almirah, old book shelves .etc. Later when they recovered such demonetized notes and realized their mistake, the last date had passed making them land in to deep trouble. Many people are worried that they could not exchange their hard earned money because they had forgotten or have been careless. Recently an old woman said that she found old notes worth Rs.45,000 at her house which she had kept with her earlier and forgot about it. Now she is not able to exchange it at RBI, because present facility for exchange is only for NRI’s.
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