Only those abroad from Nov 10-Dec 30 can now exchange scrapped notes

January 03, 2017 08:20

Those who missed depositing scrapped notes+ with banks before December 30 are finding out that the Reserve Bank of India too has firmly shut its doors to everybody except those who were abroad from November 10 to December 30, 2016.

Several citizens who were turned away at RBI offices in different cities on Monday recalled that in his November 8 speech, Prime Minister Narendra Modi had said that there may be some who were unable 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," the prime minister had said on television.

However, when depositors turned up at the RBI's offices in Kolkata, Ahmedabad and other parts of the country to exchange some notes that were left behind, they were told there was no grace period. "This policy is in the government's ordinance and notification. The grace period is only for those who were abroad during November and December and did not have an opportunity to deposit," said an RBI official.

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