Today is the last date to deposit demonetised or old notes in the Reserve Bank of India. While the government has said that today or March 31 would be the last day, there is confusion that has been prevailing since the rules are not clear.
From April 1 onwards those found in the possession of old notes will be liable for criminal action as per the new law of the government. Many have complained that the RBI stopped accepting old notes much before the deadline of March 31. Those Indians who were abroad between November and December 2016 have been given time by the RBI to deposit old notes.
In the case of the NRIs, the deadline is June 30 2017. The facility available for NRIs and eligible resident Indians would be at the RBI offices in Delhi, Kolkata, Chennai, Nagpur and Mumbai only.
Eligible resident Indians would have no limit for exchange of old notes. In case of the NRIs they would need the custom authorities at the airport to certify the amount to be deposited.
Several complaints have been made about people not being able to deposit old notes in the RBI. The law states that if the RBI turns down your request then a representation can be made at the Central Board of the Bank within 14 days.
The minister of state for finance had said that it is the ineligible people who are responsible for the long queues outside the RBI.
The Supreme Court is seized off a matter in which a petition seeks to extend the time to deposit old notes. The SC had sought an answer from the government whether the time could be extended beyond March 31. The government had allowed citizens to deposit old notes in banks till December 30 2016. It had also allowed a window for deposit at some RBI offices.