Mumbai: RBI no to old notes triggers protest

On November 8, Modi, while announcing the demonetisation move, had said citizens who are not able to deposit their old currency notes of Rs 500 and Rs 1,000 by December 30, 2016 could do so at specified RBI offices up to March 31, 2017. “Modi had told people not to panic as they could exchange or deposit money with the RBI till March 31. Now why is the RBI not accepting our old currency? This is not as per the PM’s promise,” said Bijal Chokshi, a merchant banking professional from Kutch who came to deposit Rs 10,000 in demonetised notes.

On Tuesday, outside the RBI head office in Mumbai, the crowd shouted slogans as the entrance gate of the central bank was closed. Later, the police were called to control the crowd.

“Main Pune se aaya hai, chaar ghante line main laga lekin ab yeh log bole ki purana note nahi badle ga. Mere pass sirf 5,000 rupaye hain. Mere trunk se nikla hain. Ab kya hoga? (I have come from Pune and I stood in the queue for four hours but they said they will not exchange the old notes. I only have Rs 5,000 which was lying in my trunk. What will happen now?),” said 75-year-old Prafula Vijay Gadkari.

According to the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016, signed by President Pranab Mukherjee on December 30, Indians who now want to deposit extinguished notes have to prove that they were outside the country between November 9 and December 30. They also have to be KYC compliant and will have to produce a copy of their passport with immigration stamp as proof of the their absence from the country during this period.

“RBI has said it will accept money from NRIs but not from the citizens of this country. So they prefer NRIs over Indian citizens. How can they change the rules so suddenly?” said Sandeep Popat, who works in a private company at Kandivli in suburban Mumbai.

According to a finance ministry statement, the note exchange facility would be available for citizens of India who are not resident of India, till June 30, 2017. This exchange facility will be subject to “Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. These rules restrict bringing back Indian currency into the country to Rs 25,000 per person.