From The Hindu, February 28, 1975: Nationalised banks asked to exchange soiled notes
1 month ago

From The Hindu, February 28, 1975: Nationalised banks asked to exchange soiled notes

The Hindu  

New Delhi, Feb. 27: All branches of nationalised banks and the branches and subsidiaries of the State Bank of India have been asked by the Government to exchange soiled currency notes tendered by the public. Mr. Mukherjee admitted that at present it took “some time” to get payment for mutilated notes at the Reserve Bank. He also denied that there was any “racket” in exchange of soiled notes in the Reserve Bank. Mr. Mukherjee gave details of three instances of circulation of some mutilated notes because of wrong exercise of jurisdiction by some officers.

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History of this topic

Bombay High Court Allows Family To Exchange ₹20 Lakh 'Demonetised' Notes As Income Tax Department Had Seized The Currency
2 weeks, 5 days ago

Bombay High Court Allows Family To Exchange ₹20 Lakh 'Demonetised' Notes As Income Tax Department Had Seized The Currency

Live Law  

The Bombay High Court recently came to the aid of a group of people from Maharashtra's Kolhapur district and ordered the Reserve Bank of India to accept their demonetised notes worth Rs 20 lakhs, which were seized by the Income Tax in December 2016 and returned to them after the deadline to exchange the old notes. "The Income Tax Department …

Supreme Court Dismisses PIL Alleging Exchange Of Currency Defaced By Kashmiri Separatists At RBI Branch; Notes Petitioner Suppressed Facts
2 months, 2 weeks ago

Supreme Court Dismisses PIL Alleging Exchange Of Currency Defaced By Kashmiri Separatists At RBI Branch; Notes Petitioner Suppressed Facts

Live Law  

The Supreme Court today dismissed a public interest litigation seeking CBI enquiry into the Jammu Regional Branch of Reserve Bank of India where defaced Indian currencies worth Rs.30 crores were allegedly exchanged by a separatist group in 2013. During the hearing, Senior Advocate Jaideep Gupta submitted that the petitioner was a dismissed employee of the bank and there was no …

Delhi HC dismisses plea challenging permission to exchange Rs 2,000 notes without requisition slip, ID proof
1 year, 10 months ago

Delhi HC dismisses plea challenging permission to exchange Rs 2,000 notes without requisition slip, ID proof

India TV News  

New Delhi: The Delhi High Court on Monday dismissed a plea challenging permission to exchange of Rs 2,000 currency notes without any requisition slip and identity proof. Petitioner and advocate Ashwini Kumar Upadhyay submitted that a large amount of currency has reached either an individual's locker or has “been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt …

‘Not Demonetisation, Only Currency Management Exercise’: RBI To Delhi High Court On Decision To Withdraw Rs 2,000 Currency Notes From Circulation
1 year, 10 months ago

‘Not Demonetisation, Only Currency Management Exercise’: RBI To Delhi High Court On Decision To Withdraw Rs 2,000 Currency Notes From Circulation

Live Law  

The Reserve Bank of India on Friday defended its recent decision to withdraw Rs 2,000 notes from circulation and informed the Delhi High Court that it is only a “currency management exercise” and not demonetisation.Senior Advocate Parag P. Tripathi made the submission before a division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad during the hearing of …

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files
2 years, 3 months ago

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files

Hindustan Times  

The Supreme Court on Wednesday directed the ministry of finance and the Reserve Bank of India to produce files pertaining to the government’s November 2016 decision to outlaw currency notes of ₹500 and ₹1,000. The bench also told the government’s top law officer Attorney General R Venkatramani that it wanted to examine the “relevant records” of RBI and Centre. Chidambaram …

RBI Rule: Damaged currency notes exchange rule
3 years, 1 month ago

RBI Rule: Damaged currency notes exchange rule

India Today  

According to the new rules by the RBI, mutilated currency notes can be exchanged by the bank and no one can refuse to exchange. Damaged currency note exchange rules: Conditions by RBI Damaged notes can be changed on the bank, but there are some conditions for this: The worse the note is, its value will be lower. It is important …

RBI tweak norms for exchange of torn currency
6 years, 6 months ago

RBI tweak norms for exchange of torn currency

India TV News  

The RBI Friday tweaked norms for exchange of mutilated currency notes following introduction of Rs 2,000, Rs 200 and other lower denomination currencies. Post demonetisation in November 2016, the Reserve Bank has introduced Rs 200 and Rs 2,000 notes. Public can exchange banks mutilated or defective notes at RBI offices and designated bank branches across the country for either full …

A year since demonetisation, CBI on the trail of 77 note ban cases
7 years, 4 months ago

A year since demonetisation, CBI on the trail of 77 note ban cases

The Hindu  

The Central Bureau of Investigation has registered 77 cases related to “corruption and malpractice” since November 8, 2016 when the government scrapped the old notes of ₹ 500 and ₹1,000. The CBI said Aadhar card numbers of children were misused to deposit old currency notes in banks. Mr. Dayal said the cases related to fraudulent exchange of demonetised notes at …

People with reason can't be denied right to deposit old notes: SC to Centre
7 years, 8 months ago

People with reason can't be denied right to deposit old notes: SC to Centre

Deccan Chronicle  

New Delhi: The Supreme Court on Tuesday observed that citizens with valid reasons- such as imprisonment- could not be deprived of an opportunity to exchange old notes, giving the Centre and Reserve Bank of India two weeks to come up with a solution. A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud asked Solicitor General Ranjit …

Why people not allowed to deposit old notes till Mar 31: SC asks Centre
8 years ago

Why people not allowed to deposit old notes till Mar 31: SC asks Centre

India TV News  

The Supreme Court on Monday sought response from the Centre and the RBI on a plea alleging that people were not being allowed to deposit demonetised currency notes till March 31 as promised. "Issue notice returnable by Friday," a bench headed by Chief Justice J S Khehar said and asked petitioner Sharad Mishra to serve the copy of its notice …

Govt notifies law to make banned note possession punishable
8 years ago

Govt notifies law to make banned note possession punishable

Firstpost  

With the law coming into force, possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics purpose will be a criminal offence, attracting fine of Rs 10,000 or five times the cash held, whichever is higher. New Delhi: The government has notified the law that makes holding of …

India currency chaos continues as limits put on cash machines amid panic over withdrawal of high value rupee notes
8 years, 2 months ago

India currency chaos continues as limits put on cash machines amid panic over withdrawal of high value rupee notes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India’s banking system remains in …

Demonetisation ordinance passed: Holding old notes a criminal offence post 31 March
8 years, 3 months ago

Demonetisation ordinance passed: Holding old notes a criminal offence post 31 March

Firstpost  

The ordinance is being brought as it was found to be necessary to prevent future litigations against the government for junking Rs 500 and Rs 1,000 notes The Cabinet today cleared promulgation of an ordinance to penalise persons holding demonetised Rs 500 and Rs 1,000 notes after 31 March, when the deadline to deposit these notes at the RBI window …

Demonetisation ordinance makes holding old notes a criminal offence
8 years, 3 months ago

Demonetisation ordinance makes holding old notes a criminal offence

Live Mint  

New Delhi: The cabinet on Wednesday cleared a draft ordinance to partly extinguish the liability of demonetized Rs500 and Rs1,000 notes from the balance sheet of the Reserve Bank of India —a move that could potentially result in a windfall for the exchequer. Prime Minister Narendra Modi on 8 November said Rs500 and Rs1,000 banknotes would cease to be legal …

Gujarat: Bank employee who offered to exchange notes looted and killed
8 years, 3 months ago

Gujarat: Bank employee who offered to exchange notes looted and killed

Deccan Chronicle  

Ahmedabad: An employee of a private sector bank from Keshod in Junagadh district was looted and murdered following a deal to provide new currency notes in exchange for defunct notes, police said. Bhilariya and his colleague Kishor had struck a deal with the accused Bhikhubhai to exchange latter's defunct currency notes for commission, said inspector A V Tilva. "Bhilariya and …

‘Black-to-white money rackets forced govt to stop currency exchange’
8 years, 4 months ago

‘Black-to-white money rackets forced govt to stop currency exchange’

Hindustan Times  

The Centre’s U-turn on allowing exchange of old currency at banks was due to a spike in instances of people with black money using the facility to get rid of their scrapped banknotes, a senior government official told HT on Friday. Finance ministry officials said the big challenge had been to create a system that allowed people without bank accounts …

Rahul visits bank to exchange old note, hits out at Modi
8 years, 4 months ago

Rahul visits bank to exchange old note, hits out at Modi

The Hindu  

On Friday, even as Congress vice-president Rahul Gandhi stood in solidarity with others in a serpentine queue outside a branch of the State Bank of India on Parliament Street, to exchange his old notes, his colleague and former Union Minister Anand Sharma attacked the government for unleashing “financial chaos” across the country: the Centre, he stressed, had no legal power …

India to scrap two biggest bank notes at midnight to tackle corruption
8 years, 4 months ago

India to scrap two biggest bank notes at midnight to tackle corruption

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India will abolish the country’s …

Unprecedented, says RBI
8 years, 7 months ago

Unprecedented, says RBI

The Hindu  

The Reserve Bank of India receives soiled and mutilated notes from banks across Tamil Nadu and Puducherry for destruction on a regular basis. Further, a minimum of 12 armed personnel take turns in guarding the parcel van, as per established protocol. They said that such soiled notes are transported from various parts of the State on a monthly basis. On …

Security, main reason for currency withdrawal: RBI
11 years, 2 months ago

Security, main reason for currency withdrawal: RBI

The Hindu  

The Reserve Bank of India has yet again reiterated that the currency notes printed prior to 2005 will continue to be legal tender. Responding to fresh queries over its decision to withdraw from circulation all notes printed prior to 2005, the RBI clarified that the objective of the move “is to remove these bank notes from the market because they …

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