Old Rs 500 & Rs 1000 notes
posted by Sm on Thursday, January 5, 2017
The RBI has recently announced an extension of time for NRIs to exchange the Rs 500 & Rs 1000 notes at select RBI offices. However there are two conditions attached.
1. An NRI can exchange a maximum of Rs.25,000 (The maximum amount he is allowed to carry abroad as per FEMA) and 2. The notes should be declared to customs and proof of this to be produced for exchange.
This overlooks something very important. NRIs could have kept Rs 500 & Rs 1000 notes in safes at their homes in India which they can access only when they come to India. This is not an illegal act. However now this money becomes worthless. This is an injustice to NRIs. I hope RBI looks into this.
Posted On
1/5/2017
2:34:56 AM
by
AD
Yes you have a point on it.......This government made daily rules for to strip the currency from Nov 8th till 30th .. Its a total failure method without any proper planning they simply issued this rule.
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Posted On
1/5/2017
9:55:20 AM
by
Mohammad Ahmed
This whole exercise of demonitization has been done without giving any thought.
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Posted On
1/7/2017
8:27:06 PM
by
Syed
How much cash you have at home ? I guess only business men and politicians stores huge cash at home. Common man store just running cash at home for their daily needs.
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