One more chance to deposit old notes? | Fusion - WeRIndia

One more chance to deposit old notes?

One more chance to deposit old notes?

The deadline to deposit old ₹500 and ₹1000 notes was over on December 30.

However, it looks like the Reserve Bank of India may give another chance to deposit demonetized higher denomination notes.

These reports come from government sources to the media. It is still however quite unknown what would be the limit.

It seems that there are still many people who failed to exchange all their notes in banks.

RBI received many complaints from people who failed to do so.

According to the sources, even if another chance was given, the amount allowed would be small and it would be for a short period of time.

One of the main reasons why such a decision might be taken is because many people found old notes that were lost in their homes.

These are mainly small amounts of notes which were lost. Many of the people who seem to be complaining are those that found such small amount of money.

People can still exchange their old notes in branches of Reserve Banks. But that only stands till March 31.

Those who are doing so must give a valid reason to RBI as to why they didn’t exchange the notes until now.

The move of demonetization was made to counter black money hoarders in India.

Statements from government say that this move is the beginning of India going cashless.

After the demonetization, there have been several raids from the IT department.

Reports of large amounts of hoarded black money were also found.

In some cases, there was even new notes stashed away.

This is the reason why RBI promptly closed the deadline for exchanging old notes.

However, if they give another chance, it will only allow small amounts so that only people who genuinely want to deposit their left over old notes will benefit.

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