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  • Category: Miscellaneous

    Why RBI is not exchanging old genuine banned notes in spite of deadline being 31st Mar 17 ?

    At Hyderabad we could see so many senior citizens and elders are still waiting and want to know the exact reasons as to why RBI is not accepting the old genuine banned notes of 500 and 1000 rupees which they could not exchange for obvious reasons. Even Supreme court has questioned the RBI as why it is not following the government order or PM's assurance that those banned notes would be accepted till 31 st March 2017. People allege that some gullible staff inside the RBI are facilitating exchange of notes with high commission there by denying the genuine citizens to do the same.
  • #593941
    Mr. Mohan,
    What are the obvious reasons? What the senior citizen and elders were doing between 10th November 2017 and 30 December 2017(50 days) Were they sleeping? Government has given enough time for us to exchange the old currency notes. There may not be valid reason from the late depositors. Else, it may not be their own money but others. RBI cannot be blamed. Please explain the obvious reasons that disabled the senior citizens and elders from depositing the old currency by 30th December 2017. I think, only Hyderabad citizens have problems.

    No life without Sun

  • #593979
    This happened because of lack of communication and transparency between Government (including RBI) and public.

    In most of the media coverings and assurance by PM it was mentioned that old notes will be exchanged till 31st Mar 2017.

    Unfortunately when people approached RBI after 31st Dec 2016, They were told that the facility up to 31st March is for NRI and not the resident Indians and the facility for residents is already over by 31st Dec 2016.

    This is the classic case of Govt working where you can always say that a particular rule is applicable for such and such people or in such and such conditions.

    The problem with media as well as politicians is that they do not clarify a rule or directive and are always in a hurry to announce something. The term 'NRI' was missing in all verbal communications and even in newspapers.

    All this created a lot of confusion and some honest citizens are unnecessary victimised.

    Due to the utter confusion and mis communication some people went to supreme court which in turn asked RBI to clarify and RBI has repeated its earlier stand.

    If Govt considers the hardship of some honest citizens and opens a short window for exchange it will be good gesture and at the same time I am sure that it will not give the black money holders any opportunity as they are afraid of so many stringent rules by IT department.

    Knowledge is power.

  • #593980
    The message from Modi was very clear. People were given enough time to deposit their old currency notes. The time from 01 Jan to 31 Mar was for those who could not do so. They are to submit a valid explanation to the fact why they could not do so before 30 Dec 2016. I am sure, all citizens present in India might have deposited their old cash before 30 Dec 2016. Now, if there are NRIs who have returned from their foreign land after 30 Dec 2016 will have valid reasons for the late deposit. The people who are trying to deposit old currency notes may not have valid reasons to explain to RBI. It should be understood well by the public of India. No one is at fault but the people.
    No life without Sun

  • #593981
    One of my friend has a valid reason. He was staying in Mumbai and had to leave in Oct16 for Dehradun where his father was ill. He could only return to Mumbai in Feb17. He has some old currency now which was locked in his house during his absense. It is not much (less than Rs 10000) but what to do now?
    Knowledge is power.

  • #593992
    Government cannot see every one with sore eye as if they stashed the black money. People were not having faith in banks and hence kept some money at the home itself here and there and when the time came for exchange, it was rush and the rules were changing.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #593996
    RBI is ready to clear the old notes on genuine reasons. But the persons in the middle are only hindering the people genuinely intending to exchange. My one of the relative who was in the foreign country during the announcement and she returned only in January 17. She kept some notes inside the house at Chennai and she went to RBI,chennai for getting the exchange of notes. On reaching there the security officials misguided her that it is possible only if she could get nodal from the airport authorities on reaching chennai. Later with some higher official only she could meet and explain the real situation and finally got acceptance.

  • #594009
    Modi had said:- "Demonized notes can be deposited in RBI till 31 March 2017". He did not mention anything about NRIs at that moment.

    How can Modi, our PM, go back on his words? I am totally baffled!

    When you talk, you are only repeating what you already know. But if you listen, you may learn something new!

  • #594011
    It was very clear. People having old currency notes should deposit it in their own bank accounts. Do our people have personal bank accounts in RBI to deposit their banned currency notes?
    No life without Sun

  • #594012
    Sun please understand the acceptance of old notes at bank counters was the hell of experience even for young ones as one has to waste so much time daily and the queue was increasing as exchange of notes by non account holders was also taking place simultaneously.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #594039
    Mohan,
    I do not think any non account holder was permitted to exchange their old currency notes. Non account holders were able to do it only with the help of account holders. If non account holders were able to exchange their old currency notes, we will not achieve what we wanted. The instruction was very clear.

    No life without Sun

  • #594065
    The irony is that for NRI we are clear in our rules and necessary help in this regard is being extended to them by RBI but for the residents the confusion is still prevailing. As Mr Gypsy has also rightly pointed out that the top people made some general statements not knowing fully it's implication.
    If the members remember we often discuss english usage in our forums and mention that if a small preposition is left out or included here and there the meanings change drastically and here a big word 'NRI' is missing and they are pretending if nothing has happened.
    I strongly feel Govt should open a small time window to sort out these anomalies.

    Knowledge is power.

  • #594075
    Nice suggestion Umesh. It seems government may consider last three days ie 29th to 31st of this month to exchange old notes to be deposited in respective accounts but with some riders.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease


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