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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 8,2024

flightairindia.jpg

Nearly 80 Air India Express flights were canceled after the cabin crew members went on a "mass sick leave", official sources said on Wednesday.

As many as 79 international and domestic flights were canceled after about 300 senior cabin crew members reported sick at the last minute and switched off their mobile phones.

The Air India Express management is currently trying to reach out to the crew, who are protesting against the new employment term at the Tata Group-owned airline, sources said.

The cabin crew has also alleged that there was a lack of equality in the treatment of the staff after the merger with Tata Group. They claim that some staff members were offered lower job position despite clearing interviews, sources said.

"A section of our cabin crew has reported sick at the last minute, starting last night, resulting in flight delays and cancellations. While we are engaging with the crew to understand the reasons behind these occurrences, our teams are actively addressing this issue to minimise any inconvenience caused to our guests as a result," an Air India Express spokesperson said.

"We sincerely apologise to our guests for this unexpected disruption and emphasise that this situation does not reflect the standard of service we strive to provide," the spokesperson added.

Guests impacted by cancellations will be offered a full refund or complimentary rescheduling to another date, the airline said.

Several passengers took to their social media accounts and complained about the sudden cancellations of their flights. They said that they had "no information" about the cancellations.

Some "very disappointed" passengers on X said that they had reached the airport when they were informed that their flights were canceled.

"We apologise for any inconvenience. Please be informed that your flight has been canceled due to operational reasons," Air India Express said in response to one of the posts on X.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 14,2024

modirangeela.jpg

Comedian Shyam Rangeela on Tuesday that he was barred from filing his nomination papers for the 2024 Lok Sabha Elections. He intended to challenge Prime Minister Narendra Modi from the Varanasi seat by contesting as an Independent candidate.

Despite attempts to file his papers since May 10, Rangeela alleged he was denied entry to the district magistrate's office on the day Prime Minister Modi filed his nomination. He also said that he is not taking any team from Sriganganagar to contest the Lok Sabha elections in Varanasi. 

Shyam Rangeela further claimed that he has received several phone calls from Varanasi and people are willing to join him. "Winning or losing is a different matter, but I will contest the elections against the Prime Minister at any cost. I am not contesting elections to become famous, I am already very famous among the public."

The Congress party also waded into the controversy. Congress leader Surendra Rajput told news agency PTI that everyone is free to file a nomination including Prime Minister Modi. Rajput claimed that Rangeela was not getting nomination papers from the administration. 

"Everyone is free to file a nomination including PM Modi. However, other people are not allowed to file their nominations from the constituency. A YouTuber named (Shyam) Rangeela, who wished to file a nomination from Varanasi, isn’t getting nomination papers from the administration. Why PM Modi is afraid of people? Let them contest against you," he said. 

PM Modi, contesting for a third term, previously won the Varanasi seat by 4.8 lakh votes in 2019 and by 3.72 lakh votes in 2014. So far, 14 individuals, including mainstream political party candidates and independents, have filed their nominations for the Varanasi constituency.

Congress candidate Ajai Rai and Bahujan Samajwadi Party's Athar Ali Lari are among them. Rangeela, a YouTuber and mimic from Rajasthan’s Hanumangarh, rose to fame in 2017 with his act impersonating PM Modi. He has been critical of the Prime Minister and his policies, as evident in his videos.
 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 17,2024

modiliar.jpg

New Delhi: In fresh claim, Prime Minister Narendra Modi on Friday said that his government sent an envoy to Israel urging them to stop the airstrike in Gaza during Ramadan. He said that he urged Israel to maintain peace rather than engage in combat during the holy month.

In an interview with Aaj Tak, PM Modi said that his envoy told Israel they should not bomb Gaza, at least during the auspicious month of Ramadan.

"During the month of Ramadan, I sent my special envoy to Israel to meet and explain to Prime Minister (Benjamin Netanyahu) that he should not carry out bombings in Gaza during Ramadan. They made every effort to follow it, but in the end, there was a fight for 2-3 days," he said.

The Prime Minister said that he does not publicise such things even though people in India keep "cornering him on the Muslims issue".

PM Modi said that some other countries also tried to speak to Israel to halt the bombings and may have also achieved results.

"They may have got the results too. I also tried," he said.

During the interview, PM Modi also said that he made standalone visits to both Israel and Palestine, unlike earlier governments which used to display token secularism.

"There was a fashion earlier that if one has to go to Israel, a visit to Palestine is a must. Do secularism and come back. But I refused to do it," he said.

The Prime Minister also recounted an episode when he needed to travel to Palestine via Jordan.

"When the President of Jordan, who is a direct descendent of Prophet Muhammad, came to know that I am going to Palestine over (the airspace of Jordan), he told me 'Modi ji, you cannot go like this. You are my guest and will use my helicopter'," Modi claimed.

Describing the unique amalgamation of circumstances, he continued, "I went to his home for dinner, but the helicopter was of Jordan, the destination was Palestine, and I was escorted by Israeli flight attendants. All three are different but for Modi, all came together in the sky."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.