No end to confusion outside RBI as people queue up to exchange old notes

For those with demonetised notes the last ray of hope is the Supreme Court of India.

People have been waiting in queues since 4 am at the Reserve Bank of India offices to exchange demonetised currency, but a majority of them have been turned today. Today, March 31, Friday is the last date to deposit demonetised currency and many have wondered why they have been turned away at the RBI offices.

There is confusion and chaos outside the RBI offices. At Delhi, the chaos was the highest. The government had said that domicile residents who were outside the country between the demonetisation period of November 8 and December 30 2016 were eligible to exchange old currency. The deadline was extended to them till March 31. In the case of Non-Resident Indians the deadline was extended to June 30. However people falling both these categories have not been allowed to exchange the notes. Instead they have been allowed to deposit the cash into their accounts.

Many have alleged that the RBI had not been clear about the norms. Many were turned away due to want of documentation. For instance those who were outside the country were not aware that they had to get a letter stamped by the customs that the money was brought from abroad. Several such persons landed up at the RBI offices with documents to prove that they were outside India during the demonetisation period. However they were unaware that they needed a letter from the customs as well.

For all those people who have failed to exchange their notes, hope lies for them with the Supreme Court. A batch of petitions are currently being heard in which the actions of the RBI have come under question. It is alleged that despite the government saying that old notes could be exchanged at the RBI till March 31, the RBI was not allowing the same.

OneIndia News