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  • Category: Miscellaneous

    SC questions RBI as to why it is not following the PM order to accept banned notes till 31st March

    We all know that on Nov 8th 2016 our Prime Ministers Narender Modi has announced note ban of old 500 and 1000 rupee notes and it was made mandatory for every citizen to deposit the old notes into bank accounts and then exchange for new currencies. Our PM even told the people that in case they are unable to en cash the old notes for new, they can do so at the RBI counters in various cities. But even before 31st Dec, the regular banks stopped accepting old notes and RBI has refused to exchange the same. Peeved by this many petitioners approached SC for the redress. Now SC has advised RBI to accept old banned notes till 31st March 2017. Let us see RBI reaction..
  • #592604
    Modi has given ample time for the people to deposit their old currency notes. I think the days between 8 November 2016 and 30 Dec 2016 (50 days) were quite sufficient for the people to react. He has allowed another 90 days for the people who could not deposit their old currency notes before 30 December 2016. Who could be the Indians who could not deposit the old currency notes before 30 Dec 2016? It could be the people settled or visited foreign lands who could not return in time to do so. I am sure, RBI accepts old currency notes after due justification in writing as to why they could not deposit before 30 Dec 2016. Indians staying in India and could not deposit their old currency notes should never be entertained by the RBI, but ask them to tear of the notes into pieces and remain in peace or without peace. No leniency towards the defaulters.
    No life without Sun

  • #592609
    This is a very interesting case and I am sure that people are totally mislead by media as well as Govt agencies.
    Everyone was under the impression that notes can be easily exchanged upto 31st Mar'17 but RBI clarifies that for general public it was 31st Dec'16 while for NRI it is till 31st Mar'17.
    The irony is this NRI thing came in existence only when people started knocking doors of RBI for conversion.
    I guess that probably RBI may be right in their telling this NRI story and may show the documentary evidences and office orders in this respect but the question is why this NRI thing was missing in all verbal announcements time to time by all the concerned authorities whether by office Babus or politicians.
    It clearly means that we are not serious in our work and announce something cryptically to public only to refute and clarify it at a later stage when sufficient damage to the public and beneficiaries has already been done.

    Knowledge is power.

  • #592617
    Bank will accept old currencies till 31st Dec'16 and till 31st Mar'17 anyone can exchange their old currencies in RBI. This is what told by RBI and PM at the beginning. I don't when the later part was modified since we saw 'n' number of notifications / policy changes from RBI during that period. Blaming the people is ridiculous and RBI should accept the old currencies.

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