Haven't deposited the banned notes yet...! Rush to RBI asap today

NRIs travelling home to exchange demonetised notes must come through the Red Channel, and disclose to Customs authorities how many such notes they have. They will be given a certificate, which then needs to be submitted to the Reserve bank at the time of exchange

Arnima Dwivedi

Arnima DwivediBy Arnima Dwivedi

Published on 31 March 2017 5:16 AM GMT

Havent deposited the banned notes yet...! Rush to RBI asap today
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Haven't deposited the banned notes yet...! Rush to RBI asap today
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New Delhi: If you have not deposited your demonetized notes yet due to some or the other reason, you should rush RBI office, as soon as possible, before the RBI puts its shutters down.

Friday (March 31) is your last chance to get your old currency exchanged.

But, you can do this only if you were overseas during that time, and only at Reserve Bank of India offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur.

Hurry up as if you fail to get rid of your banned cash today, you could be charged with a criminal offence if found in possession of more than 10 such notes. Checking for old currency holders will start from April 1.

NRIs, however, can relax a little. They have time till June 30.

Quick facts you should know if you have not yet exchanged the currency:

  • Several people who weren't able to deposit or exchange the demonetized notes can get them deposited today.
  • Those who have discovered them after November-December time window can also make a last-ditch effort to do so.
  • NRIs travelling home to exchange demonetised notes must come through the Red Channel, and disclose to Customs authorities how many such notes they have.
  • They will be given a certificate, which then needs to be submitted to the Reserve bank at the time of exchange.
  • The notes were banned on November 8, 2016 by the Indian government led by Prime Minister Narendra Modi.
  • PM Modi had said the move was an attempt to purge India of unaccounted wealth, and the Income Tax department conducted several raids weeks after the ban was implemented.
  • The Centre even invited citizens to write to a special e-mail address to provide information about unaccounted wealth.

Arnima Dwivedi

Arnima Dwivedi

A journalist, presently working as a sub-editor with newstrack.com. I love exploring new genres of humans and humanity.

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