Old notes exchange last date latest news in india old Rs. 500 1000 notes

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.

old notes exchange last date latest news

Old News

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

 

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).

 

How to exchange 500 and 1000 notes in India now for ‘Missed Last Date’

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.