RBI rolls back norms for deposit of old notes by KYC customers

December 21, 2016

Mumbai, Dec 21: Under all-round attack, the Reserve Bank today did a U-turn on customers depositing demonetised notes over Rs 5,000 till December 30 by making it clear that there will be no questions asked either in case of one-time or repeat deposits if the accounts are KYC-compliant.

RBI
Such customers will also not be questioned by bank officials on why they had failed to deposit the old notes earlier.

The RBI turnaround came as Finance Minister Arun Jaitley's assurance on Monday night and yesterday that there will be no questions asked to customers who would make one-time deposit above Rs 5,000 failed to persuade bank officials who insisted that there should be fresh circular from RBI so that customers will not be harassed.

However, customers with non-KYC accounts will be subject to stiff conditions imposed by RBI on December 19 for deposit of junked notes.

The decision follows widespread criticism of the guidelines, with people saying the Prime Minister as well as the finance minister have asked people not to throng the banks as they have time till December 30 to deposit invalid notes in their accounts.

On review of the guidelines, RBI decided to modify the old currency deposit rules for fully-KYC compliant customers, an RBI notification said today.

The December 19 notification of RBI had said tenders of old currency in excess of Rs 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

"The credit in such cases shall be afforded only after questioning tenderer, on record, in presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage," it had said.

Replying to queries on curbs on deposit of old currency notes by RBI, Finance Minister Arun Jaitley yesterday had said people should go and deposit the now-defunct notes at one go as repeat deposits raise doubt.

"Today, there are no exemptions... Now, there is no further scope of earning old currency. So, those who have got old currency must go and deposit at one go," he had said.

"Therefore, if somebody goes everyday and deposit old currency, it raises suspicion. How is he getting everyday? As long as exemptions existed, there was scope for getting old currency. But once the exemptions have been lifted, if you have old currency, go and deposit at one go."

Comments

Abu Muhammad
 - 
Wednesday, 21 Dec 2016

When I read Govt/Bank/Ministers statements on demonetisation, it reminds me of the KG class story of intoxicated Monkey playing havoc in the village. Very painful entertainment indeed!!!

abdullah
 - 
Wednesday, 21 Dec 2016

in all top department mad people sitting to take daily different decisions.

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News Network
June 7,2024

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New Delhi: Narendra Modi - to be sworn in Sunday as a three-term Prime Minister after Chandrababu Naidu's TDP and Nitish Kumar's JDU dragged his BJP past the 272-seat majority mark - mocked eternal rivals Congress for failing to win as many seats in this election. The Congress, he declared, had yet again failed to cross the 100-seat mark and won fewer seats in three elections than the BJP had in one.

Mr Modi - whose party finished with 240 seats, its lowest return in 15 years - also said "we were neither defeated nor are we defeated" and claimed, "Our values are such we do not develop frenzy during victory and do not mock the defeated. We do not have perversion of mocking the defeated."

Mr Modi then taunted his rivals over their poor electoral performance.

"Even after 10 years Congress could not touch the figure of 100 seats. If we combine the 2014, 2019, and 2024 elections... Congress did not even get as many seats as BJP got in this election. I can clearly see people of INDI Alliance (the BJP's jibe at the INDIA bloc) were sinking slowly earlier... now they are going to sink at a faster pace..." the Prime Minister-designate proclaimed.

The Congress, which led the INDIA opposition bloc in this election, finished with 99 wins from the 328 seats it contested. That was the party's best result in 15 years; it won 44 in 2014 and 52 in 2019.

The last time the party scored in the triple digits was in 2009 when it won 206 seats and propelled former Prime Minister Manmohan Singh and the United Progressive Alliance to a second term.

Mr Modi's jibe, though, may be premature, for the Congress could still hit the 100-mark if Vishal Patil, a party rebel who contested and won from Maharashtra's Sangli, re-joins the party.

In a post on X this morning, Congress chief Mallikarjun Kharge said, "Welcoming the support of elected MP from Sangli, Shri Vishal Patil to the Congress party".

In a lengthy speech that included multiple jabs and jibes at the Congress and the opposition, Mr Modi also made a pitch for governance by consensus and coalition politics. "Our alliance reflects the spirit of India and we are dedicated to upholding constitutional values. NDA is the most successful..."

"When I was speaking in this House in 2019 you chose me as the leader. Then I emphasised one thing... trust. Today, when you are giving me this role again, it means the bridge of trust between us is strong. This relationship is built on a strong foundation... and that is its biggest asset."

The remarks are seen as acknowledgement of his reliance on allies - new territory after enjoying brute majorities in 2014 and 2019. The BJP needs the support of Chandrababu Naidu and Nitish Kumar. Mr Naidu's TDP and the JDU of Nitish Kumar are seen as kingmakers after the TDP and JDU won 28 seats; take those away and the NDA does not have the numbers to form the government.

"The mandate of 2024 is strengthening one thing again and again - the country trusts only NDA. When there is such unbreakable trust, it is natural for expectations to increase. This is good...I said earlier past 10 years were a trailer. It was not an election statement, it was my commitment..."

"For me, all leaders of all parties are equal in Parliament. When we talk about 'sabka prayaas', for us, everyone is equal, whether from our party or not. This is why NDA is strong in past 30 years..."

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News Network
June 14,2024

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An uneasy silence hung over the import cargo terminal of the Kochi airport on Friday morning as authorities made arrangements to receive the bodies Indians who lost their lives in a tragic building fire in Kuwait two days ago. Ambulances were stationed at the terminal to carry the victims' bodies to their homes.

The special flight carrying the bodies of 23 Keralites, seven Tamil Nadu natives, and one Karnataka resident is expected to reach the Cochin International Airport around 10.30 am, Deputy Inspector General, Ernakulam Range, Putta Vimaladitya told the media.

The mortal remains will be received in Kochi by their respective state governments and taken to their homes. The flight will then leave for Delhi with the bodies of the victims from other states.

The blaze in the seven-storey building that housed 196 migrant workers in Mangaf, south of Kuwait City, on Wednesday killed 49 people and injured around 50 others. A preliminary probe has indicated glaring lapses – there were around two dozen gas cylinders on the ground floor of the building; inflammable materials were used as partitions to separate the workers in the cramped rooms; the doors to the rooftop were locked, etc.

24 of the Indian victims are from Kerala, 7 from Tamil Nadu, 4 from Uttar Pradesh, 3 from Andhra Pradesh and 2 each from Bihar and Odisha. The victims also include 1 person each from Jharkhand, Karnataka, Maharashtra, Punjab and West Bengal.

The Karnataka man who died in mishap has been identified as Vijaykumar Prasanna from Alanda in Kalaburgi district.

Out of 24 Keralites who lost their lives, 23 have been identified. Of these, five are from Pathanamthitta district, four from Kollam, three each from Kottayam and Kannur, two each from Thiruvananthapuram, Kasaragod and Malappuram and one each from Alappuzha and Thrissur districts.

Some of the bodies that are yet to be identified will be subjected to DNA test and the process will take two weeks to complete, said NORKA Principal Secretary Dr K Vasuki.

She said the immediate priority is to bring back the bodies, for which the Union government has arranged a special aircraft.

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News Network
June 8,2024

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New Delhi: The Congress Working Committee passed the resolution that party MP Rahul Gandhi should be appointed as the Leader of the Opposition in Lok Sabha, sources said today.

Rahul Gandhi won the Lok Sabha elections from Raebareli in Uttar Pradesh and Wayanad in Kerala.

"All members have given their proposal to the party president. Rahul ji has requested some time to think. However, we want him to stand as strong Leader of Opposition," said All India Mahila Congress president Alka Lamba.

After the CWC meeting, Congress MP Kumari Selja said, "It was the CWC's wish that Rahul Gandhi be elected the LoP..."

Senior Congress leader and newly elected MP from Alappuzha KC Venugopal said "CWC unanimously requested Rahul Gandhi ji to take the responsibility of the leader of the opposition in the Lok Sabha."

The CWC resolution praised Rahul Gandhi for his efforts in the election campaign.

"Former Congress President Rahul Gandhi has to be singled out largely because of the Bharat Jodo Yatra and the Bharat Jodo Nyay Yatra that he designed and led. Both these Yatras that reflected his thinking and personality were historic turning points in our nation's politics and instilled hope and confidence in lakhs of our workers and crores of our voters. Rahul Gandhi's election campaign was single-minded, sharp and pointed and more than any other individual it was he who made the protection of our republic's Constitution the central issue in the 2024 elections. The PaanchNyay-Pachees Guarantee programme which resonated so very powerfully in the election campaign was the outcome of Rahulji's yatras in which he listened to the fears, concerns and aspirations of all people, especially youth, women, farmers, workers, Dalits, Adivasis, OBCs and minorities," it said.

The meeting of the extended Congress Working Committee was held in the national capital on Saturday. The meeting was attended by Congress Parliamentary Party chairperson Sonia Gandhi, Congress chief Mallikarjun Kharge, Congress leaders Rahul Gandhi, Priyanka Gandhi, Manish Tiwari, DK Shivakumar, and Revanth Reddy among others.

Speaking after the CWC meeting, Congress Rajya Sabha MP Pramod Tiwari said, "Definitely he (Rahul Gandhi) should become (LoP in Lok Sabha). This was the request of our working committee. He is fearless and courageous."

Earlier in the day, several party leaders voiced their demand that Rahul Gandhi should take over the key role.

Speaking on the same, Telangana Chief Minister Revanth Reddy said that this is the demand of 140 crore Indians.

"Our demand is the same as that of 140 crore Indians. Rahul Gandhi has to take the position as the leader of the Opposition. Rahul Gandhi has been fighting for women and the unemployed," he said.

Congress MP Sukhjinder Singh Randhawa who won the Lok Sabha election from Gurdaspur said that Rahul Gandhi is someone who can reply to the Prime Minister in the Parliament and hence he should assume the position of LoP.

"We will play the role of a strong Opposition in the Parliament. Yes, we want the country to get such a face who can reply to the Prime Minister. I think the entire country wants this," he said.

After the Lok Sabha Polls, the Congress has emerged as the second-largest party in the election and improved its tally to 100, from 52 in the 2019 Lok Sabha poll.

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