Old notes: RBI closes window for Indians abroad; NRIs can exchange till June 30

March 31, 2017

New Delhi, Mar 31: The limited period window for exchange of junked Rs 500 and Rs 1,000 notes by Indians who were abroad ended today with many failing to do so because of limited counters and lack of procedural awareness.

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However, additional time period of three months is available to non-resident Indians (NRIs) with a rider of exchange of Rs 25,000 per individual. The exchange window for NRIs will close on June 30.

Long serpentine queues of people were seen outside five RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur -- the designated offices for exchange of scrapped notes -- today.

People had to travel long distances due to limitation of designated branches to deposit scrapped currency notes.

In many cases, people had to wait for 6-7 hours and in some cases it took days for exchange due to lack of required documents.

Earlier this week, Minister of State for Finance Arjun Ram Meghwal had informed the Rajya Sabha that ineligible persons queueing up at the Reserve Bank were responsible for long queues.

The minister said RBI had posted detailed instructions on its website clearly showing the eligibility parameters and other necessary documents required to be tendered for exchange of old notes. "Long queues are formed in Mumbai and Delhi only as a number of persons from the neighbouring states are turning up here. Several staff members have been engaged to attend to the large number of people at the counters," Meghwal had said.

After scrapping old notes of Rs 500 and Rs 1,000 on November 8, the government had permitted people to deposit the same in banks up to December 30, 2016.

Meghwal stated that while there was no monetary limit for exchange of currency notes for residents who were abroad during the demonetisation period, there was a cap for NRIs as per FEMA regulations.

NRIs coming to India are required to come through Red Channel disclosing to the Customs authorities at the airport the amount of now-defunct notes and secure a certificate to be tendered at the RBI at the time of exchange.

The exchange facility till June is subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations, bringing back such currency into the country is restricted to Rs 25,000 per person.

The government had declared 500 and 1,000 denomination bank notes as illegal tender from November 9, 2016. Subsequently, the President approved the promulgation of the Specified Bank Notes (Cessation of Liabilities Ordinance) Ordinance, 2016 on December 30.

The ordinance imposes penal liabilities on the holders of scrapped notes after the specified date. It makes holding, transfer and receiving of the demonetised notes a criminal offence, punishable with a fine of Rs 10,000 or five times the cash held whichever is higher.

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News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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coastaldigest.com news network
December 2,2025

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Udupi, Dec 2: A wave of regional pride is sweeping through Udupi district as Shagun S Verma Hegde, a talented Class 9 student from Christ King English Medium High School, Karkala, has been named the captain of the Indian National Team for the Under-15 Girls’ Volleyball Championship.

Shagun holds the unique distinction of being the sole player from Karnataka selected to represent the country in the prestigious international tournament. The championship, organized by the School Games Federation, is scheduled to take place in Shangluo, China, from December 3 to 13, where Shagun will lead the national squad.

A Remarkable Journey to the Top

Shagun’s selection is a testament to her dedication and exceptional skill on the court. Her journey included several rigorous rounds of selection:

•    She was the only player from Udupi district to qualify for the state-level selection camp.

•    Out of eight players from Karnataka who advanced to the national selection camp in Pune, Maharashtra, Shagun was the only one to secure a place in the final national squad.

•    The national camp saw participation from approximately 200 players, which was shortlisted to 23. Shagun not only made the final cut but was also ranked as the second-best player overall, solidifying her leadership role.

Shagun, who is the daughter of Sandesh Verma and Shruthiraj of Kallotte, Karkala, has trained under experienced coaches Santosh D’Souza, Jeevan D’Silva, Jairaj Poojary, and Ramesh. Her selection as the team captain has brought profound honour to her family, school, the Udupi district, and the entire state of Karnataka.

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News Network
December 7,2025

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Mangaluru, Dec 7: A rare bamboo shrimp has been rediscovered on mainland India more than 70 years after it was last reported, confirming for the first time the presence of Atyopsis spinipes in the country. The find was made by researchers from the Centre for Climate Change Studies at Sathyabama Institute of Science and Technology, Chennai, during surveys in Karnataka and Odisha.

The team — shrimp expert Dr S Prakash, PhD scholar K Kunjulakshmi, and Mangaluru-based researcher Maclean Antony Santos — combined field surveys, ecological assessments and DNA analysis to identify the elusive species. Their findings, published in Zootaxa, resolve decades of taxonomic confusion stemming from a 1951 report that misidentified the species as Atyopsis moluccensis without strong evidence.

The shrimp has now been confirmed at two locations: the Mulki–Pavanje estuary near Mangaluru and the Kuakhai River in Bhubaneswar. Historical specimens from the Andaman Islands, previously labelled as A. moluccensis, were also found to be misidentified and actually belong to A. spinipes.

The rediscovery began after an aquarium hobbyist in Odisha spotted a shrimp in 2022, prompting systematic surveys across Udupi, Karwar and Mangaluru. Four female specimens were collected in Mulki and one in Odisha, all genetically matching.

Researchers warn the species may exist in very small, vulnerable populations as freshwater habitats face increasing pressure from pollution, sand mining and infrastructure development. All verified specimens have been deposited with the Zoological Survey of India for future reference.

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