Old notes India news on deposit exchange of old currency Rs.500 Rs.1000

What should be done with old Rs.500 Rs.1000 notes which are still in hands of people after last date for submitting it ended. Supreme Court of India Chief Justice JS Khehar on 3 July 2017, asked Central Government to consider giving a last chance to those who were not able to do it for some unavoidable reasons. As per old notes India news that is coming out at present, soon a solution to dispose old demonetized notes of denominations Rs.500 Rs.1000 will come.

This is a relief to lot of people who were worried that they lose all the value of money of these old Rs.500, Rs.1000 notes which were demonetized by indian government on 8 November 2016. Indian PM Narendra Modi led BJP government ordered demonetization on 8-11-2016 which caused many problems to common people, even though it was a fight against black money.

By 17th July 2017 Indian Government’s solicitor general has to come up with an answer after discussing with Reserve Bank of Inida (RBI). Centre had earlier reported that it cannot allow people to exchange demonetized notes as it will cause black money to get deposited again. But Supreme Court was of opinion that all people who have genuine reasons for not depositing old Rs.500, Rs.1000 should be given a chance again. Main reason Supreme Court pointed out was that many categories like NI .etc. were allowed time till 30th Jun 2017, while crores of Indians were allowed only time till 30 December 2016.

Chief Justice JS Khehar said that person’s cash should not be lost just because of a notification given by government all of a sudden that it is demonetized. if a person is able to prove that it is his or her money then they should not be deprived of owning it. All possibilities should be checked in regard to allow such people to exchange old notes.

Solicitor General appearing for Central Government said that opening a window for accepting demonetized notes can be done again, but it should not be allowed in a open window where anyone can deposit money.

What is Latest on Old notes India news

Demonetized cash can be accepted again based on few conditions which will given by Reserve Bank of India. There wil be at least 2 officials at each point of acceptance of demonetized notes.

Old notes India news

They will check every thing regarding a person depositing old Rs.500, Rs.1000 notes. Only if they are satisfied by genuineness mentioned by person coming to deposit old notes, it will be accepted.

And there will be strict cross checking of details given. Aadhar card copy or any other valid Photo id proof will be accepted for verification purposes. As per available Old notes India news we know that Government will take all measures to make sure there is no mistake in acceptance old Rs.500, Rs.1000 notes.

Major fear of Government is that black money may get distributed to lot of people, who will exchange it at counters for a commission. Lot of people have been arrested for exchanging old notes or giving it for depositing for a commission. If such things happen again, all advantages of note demonetization will go in vain.

Based on latest order given by Supreme Court Chief Justice JS Khehar to Solicitor General Ranjit Kumar, we can expect that new date will be given by Government on Monday, 17-7-2017.