Old notes exchange last date in India extended Old Rs.500, Rs.1000

On 17 July 2017 Indian Government informed Supreme Court that it will not allow exchange of old notes. This is because allowing exchange of demonetized notes of Rs.500, Rs.1000 will help Black money depositors. On 4 July 2017 (4-7-2017) Supreme Court ordered that all people who have genuine reasons in failing to deposit old demonetized currency notes should be given one more chance. Around 60 cases were filed in Supreme Court demanding extending old notes exchange last date.

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.

Supreme court chief justice J.S. Khehar in Apex couet bench ordered India’s Central government to consider extending of last date. Court also asked Centre to inform whether such a new date extension for submitting old notes is possible or not. This verdict by Supreme Court Apex bench was made after considering several cases from Kerala, Delhi, Karnataka, Tamil Nadu, Gujarat, Maharashtra regarding extending of deadline for depositing old demonetised currency notes.

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. Now old 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.

 

Latest News on Demonetized Old Notes Exchange Last date

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.

Old News

4-7-2017 On 4th July 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 last date for exchange and deposit of demonetized notes 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. Now they are thinking of how to exchange or depositing it without losing money. Many people are worried that they could not exchange their hard earned money because they had forgotten or have been careless. Many people have opinion that they fell it bad that they are being treated like black money holders. 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.

Many people who have come to India from abroad for exchanging old notes at few counters of RBI are also facing problems. Few NRI’s who reached India to exchange old notes did not get Customs certificate mentioning amount of old notes they have brought to Inida. All of them are not allowed to exchange their old notes from Reserve Bank’s special counters in Mumbai, Delhi, Nagpur, Kolkata, Chennai.

old notes exchange last date 24 november

Old notes exchange last date in banks and what to do after that ?

As per Latest news on 4 July 2017 SC order it is expected that a new date will be soon given by Central government for exchange of old notes.

Old news –  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. After demonetization it was said that old notes exchange can be done till 31st 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.

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.

 

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 MNarch 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.

News

How to exchange 500 and 1000 notes in India

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.

 

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.

What is Latest on Old notes India news

News – One more chance to deposit old notes

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.