Another U-turn in demonetisation with RBI setting new rules

Sponsored Links:

In yet another series of changes post the announcement of demonetisation, where on one hand, things seem to be improving with the number of ATMs recalibrated & the amount of withdrawal from the ATMs increased from Rs. 2, 500 to Rs. 4, 500 while one would be able to withdraw only Rs. 24, 000 from the banks.

On the other hand, with the 50 – day window closing of the exchange of old Rs. 500 & Rs. 1, 000 bank notes, people thought of having the notes exchanged at the RBI but they were in for a surprise. The reason is that RBI or the Reserve Bank of India has very clearly stated that only the NRIs or the people who had been in a foreign country from 9th of November to 30th of December, 2016 were allowed to have the old high denomination notes exchanged.

And people who are looking forward to have the notes exchanged should keep the simple fact in mind that they have to show the junked notes to the Custom Officials when they land in an Indian airport. In addition to this, they should also get declaration form stamped before they tend to deposit banned currency in any of the RBI branches.

Sponsored Links:

NRIs can go ahead & deposit the money till the 31st of March, 2017. Another aspect is that there is no limitation on the amount to be deposited by those Indians who were abroad between 8th November & 30th December, 2016. However, NRIs would be able to deposit only Rs. 25, 000 as this is defined by the FEMA law restrictions. Additionally, there would not be exchange of banned Indian currency for the Indian residents in Bangladesh / Bhutan / Nepal / Pakistan.

As a matter of fact, NRIs will get to a chance to deposit the defunct notes till the 30th of June that is another 6 months from now. While Indians who had been abroad during the 50 – day window will have a chance to deposit the demonetised money only till the 31st of March, 2017 that is 3 months from now.

Not a reality

But when a few people went to the Reserve Bank of India to have their money exchanged they were turned back on the grounds stated above. And this is why some say that with the Reserve Bank of India, having the people turned away just because they do not fall in the prescribed guideline, it can yet be another of those U – turns in demonetisation.

Central bank’s initiative

However, the Central bank had on the 31st of December, 2016 designated 5 of its offices in various cities for the people to have their old high denomination notes exchanged. These Central bank’s branches are in Chennai, Kolkata, Mumbai, Nagpur & New Delhi. Therefore, at any of these branches people can have their money exchanged without any trouble.

Sponsored Links: