Are only 3 days available for the exchange of old currency notes? Decision yet to be taken
Posted on: 16/Mar/2017 5:02:45 PM
The officials from the Central Ministry of Finance informed that a final decision is yet to be taken regarding whether to permit 3 more days for exchanging the old demonetised currency notes of Rs. 500 and Rs. 1000.
The Prime Minister Narendra Modi declared that the above notes would be invalid on 8th November 2016. Subsequently, it was advised that the public despite all the Rs. 500 and Rs. 1000 notes in their possession and exchange them before 30th December.
Once this deadline of 30th December expired, it was announced that the demonetized notes can be exchanged in the specific branches of the Reserve Bank of India from 1st March to 31st March.
As per this order, lots of public gathered in the Chennai Branch of the Reserve Bank of India on 1st March to exchange their old notes. However, the Reserve Bank of India came up with the announcement that only those who had been abroad when demonetization actions were in progress will be permitted to exchange old notes. This put the public into extreme hardships.
Mr. Sharath Mishra had filed a petition to the Supreme Court on this issue. He had requested that as the promises which were given by the RBI and Modi that demonetised currency notes can be exchanged in RBI branches from 1st March to 31st March have been exceeded, the Supreme Court must intervene in this issue and issue corrective orders.
This came up for enquiry of 6th March. The Supreme Court ordered that the Reserve Bank of India must come up with the explanation for refusing to accept the demonetized currency notes of Rs. 500 and Rs. 1000 in RBI branches.
In this scenario, especially in order to handle the issue amicably and smoothly with the Supreme Court, the central ministry of finance has been reviewing seriously whether banks might be allowed to exchange the old currency notes for 3 days from 28th March to 31st March.
When enquiring about this to a close circle of the central ministry of finance informed that the 1st stage review meeting was conducted at the level of high officials. The issue whether the public can be allowed to exchange their old currency notes of Rs. 500 and Rs.1000 in the bank branches from 29th to 31st March were discussed in detail. Another idea discussed was whether to permit an exchange of 10 number of old notes or for a maximum of Rs. 10000 worth only one time either for exchange or for depositing in their savings accounts.
However, no official decision has been taken on any of these suggestions. Hence, no official news has been released regarding this.
