Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
May 01, Monday 2017 7:58 AM       

       HEADLINES: May Day wishes from CM Pinarayi Vijayan                                              CPM-RSS clash at Pappanamcode: five injured                                              Congress President should be elected by consensus: Amarinder Singh                                              Famed Swiss climber Ueli Steck killed near Mount Everest                                              Trump slams media as he celebrates 100 days in White House                                              Warner powers Sunrisers to 48 runs win over KKR                                              Kings XI Punjab decimate Daredevils by 10 wickets                                              Kaumudi Facebook
       BUSINESS Next Article: RBI asks banks to supply 40% of notes to rural areas  
       RBI turns away people wanting to exchange old notes
 
         Posted on :22:36:34 Jan 3, 2017
   
A A
       Last edited on:22:36:34 Jan 3, 2017
         Tags: RBI turns away people wanting to exchange old
 
NEW DELHI: Hundreds thronging the RBI office to exchange old Rs 500 and 1,000 notes returned empty handed as the central bank is allowing the facility only for NRIs or those who were abroad during the 50-day demonetisation period.
 
People were seen arguing with security guards at designated RBI branch saying that Prime Minister Narendra Modi had promised that old notes could be exchanged till March 31 at RBI.
 
Even the RBI on November 8 statement said, "Any person who is unable to exchange or deposit the specified banknotes in their bank accounts on or before December 30, 2016 shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date as may be specified by the Reserve Bank."
 
The central bank on December 31 designated its five offices -- Mumbai, New Delhi, Chennai, Kolkata, and Nagpur -- to exchange defunct currency notes post 50-day demonetisation period that ended on December 30.
 
Prime Minister Narendra Modi in his address to the nation on November 8 had said, "There may be some who for some reason, are not able to deposit their old 500 or 1,000 rupee notes by December 30, 2016.
 
"They can go to specified offices of the Reserve Bank of India up to March 31, 2017 and deposit the notes after submitting a declaration form."
 
RBI has imposed conditions for availing extended facility for note exchanges. It had said that NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetised currency in RBI during the grace period.
 
Indians who were abroad during November 9 to December 30 have been given a 3-month grace period till March 31 to deposit the junked notes, while for the NRIs, it is 6 months till June 30.
 
While there is no limit on deposit of defunct notes by an Indian national who was abroad when the 50-day window was in operation, NRIs can deposit only Rs 25,000 as per FEMA law restrictions.
 
However, this facility is not available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh.
 
The government had declared 500 and 1,000 denomination bank notes as illegal tender from November 9, 2016. Subsequently, the President approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 on December 30.
 
It makes holding, transfer and receiving of the demonetised notes a criminal offence, punishable with a fine of Rs 10,000 or five times the cash held, whichever is higher.
A A
       BUSINESS
Next Article: RBI asks banks to supply 40% of notes to rural areas
 
 
BUSINESS HEADLINES
Petrol, diesel prices to be revised daily from May 1  
Telecom subscriber base in India grows to 1.18 bn in Feb: TRAI  
Sundar Pichai made $200 million in 2016  
Sensex slips 111 pts, Nifty defends 9,300-mark  
Jaitley cautions against rising trend of protectionism  
Sensex slips below 30,000-mark  
Sensex retreats from record, down 104 pts  
Pay fee or go to Tihar Jail: SC to Sahara  
Realty sector revived after demonetisation: PropTiger Report  
I voluntarily gave up rail budget: Suresh Prabhu  
Rupee scales near 21-mth high of 64.26 on global cues  
Nifty closses above lifetime high of 9,300-mark  
PM to review infra performance with officials today  
US dollar ends sharply lower against rupee  
Sensex rebounds 291 pts; French Prez race, RIL Q4 in limelight  
Thailand expects 12 lakh tourists from India in 2017  
GST great illustration of cooperative federalism: Modi  
Niti Aayog lists promoting digi-payments as achievement  
Hero Cycles eyes setting up Rs 400 cr project  
Impact of demonetisation abated: IMF  
Mistry appeals against NCLT rejecting waiver plea in Tata case  
Air India lowers age limit for elderly travel concession  
SEBI court quashes non-bailable warrant against Sahara chief  
India needs to accelerate investment in children, education:WB  
Sensex extends gains, up 86 pts on bargain hunting  
 
Do you think govt flawed in properly presenting Saumya case in SC?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy