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  Canada Immigration Forum > General > Our Native Country! > Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !
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Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !




sguk
Senior Desi
Member since: Mar 09




Posts: 327
Location:


Here is the link:

http://www.livemint.com/Politics/Jlah57BQn5b97J5jq6Ku8L/Ordinance-gives-NRIs-till-30-June-to-deposit-old-notes.html

not sure why only they are reporting it but nobody else has this ? Is this FAKE News after recent incidents worldwide ......

Anyways, if true then not good news. First it restricts this to NRI, what about diaspora?

Two, everyone has to travel to India ?


Modi is staking all political capital on one silly idea and losing all public support in India and abroad. Really sad b/c if he goes, we have crooks ready to take over.

Quote:
Originally posted by ramar2005

Just now read in the news channel ticker that NRIs can deposit notes up to June'17 end in select Reserve Bank Branches. This is as issued by the Finance Ministry. Details awaited.



 
Post ID: 233666 30-12-16 21:33:32
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Delhite
Senior Desi
Member since: Nov 04




Posts: 929
Location: Brampton


Around 97% of demonetized notes are deposited in the banks. It indicates, unless government put strict anti corruption measurements with strict execution, it is not possible to clean up the economy. No political leader or bureaucrat trapped with very few exception of 2 or 3 incidents. Does it mean that all others are clean?

On the other hand, from benefits point of view, the people forget about the black money of off shore tax heavens and started worrying about their few thousand unchanged demonetized notes. What a joke.

The cleanliness drive should have started from top to bottom and not from bottom to top.

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A Delhite in Toronto

 
Post ID: 233685 04-01-17 09:52:05
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rajcanadaMember of Administrators
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Member since: Jul 03




Posts: 2699
Location: Kitchener, ON


Quote:
Originally posted by Delhite

Around 97% of demonetized notes are deposited in the banks. It indicates, unless government put strict anti corruption measurements with strict execution, it is not possible to clean up the economy. No political leader or bureaucrat trapped with very few exception of 2 or 3 incidents. Does it mean that all others are clean?

On the other hand, from benefits point of view, the people forget about the black money of off shore tax heavens and started worrying about their few thousand unchanged demonetized notes. What a joke.

The cleanliness drive should have started from top to bottom and not from bottom to top.



+1.

Amount of black money in other forms such as property, gold and offshore accounts would be much greater. Compared to that in cash would appear very small. Not sure why Modi is interested in small fish and taking a measure with such a large impact to lives of common people. May be catching big fish is not worth the risk.


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Post ID: 233687 04-01-17 14:41:00
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rajcanadaMember of Administrators
Admin
Member since: Jul 03




Posts: 2699
Location: Kitchener, ON


Got this email today.

---------------------------

NRIs who were not present in India during November 9 - December 30, 2016 and who have also not deposited the Specified Bank Notes of ₹ 500 and ₹ 1,000 (hereinafter referred to as SBNs) into their bank accounts during November 10 - December 30, 2016, are now permitted by RBI to deposit the said SBNs at the RBI offices located at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.

The said SBNs can now be deposited (upto a maximum of ₹ 25,000 per NRI individual) into the NRO account only once anytime during January 2 - June 30, 2017.

In view of the same, please take note of the following important points

1. This facility of deposit of SBNs is available only at the specified RBI offices, the addresses of which are available at the RBI website (https://rbi.org.in/). The bank notes cannot be deposited at any of the ICICI Bank Branches or Offices in India or overseas
2. The account in which the SBNs need to be deposited should be KYC Compliant
3. The SBNs to be deposited should be submitted to RBI along with the duly filled Annexure prescribed by RBI. Click Here to download the same.
4. Other documents to be submitted :
A copy of passport with immigration stamp as proof of the individuals absence from the country during November 9 - December 30, 2016. Passport in original should be presented at the RBI counter for verification.

A certificate issued by Indian Customs on arrival through Red Channel after December 30, 2016 indicating the import of SBNs, with details and value thereof.

Copies of statements of all bank accounts in India evidencing that no SBNs were deposited during November 10 - December 30, 2016.

Requisite document as per provisions of Section 114B of IT Rules, 1962. Copy of PAN Card is required to be submitted in respect of the specified transaction. Where an individual does not have a PAN, and the income (Sl. No. 22b of Form 60) is below the threshold exemption limit, duly filled in Form 60 can be submitted. Where an individual does not have a PAN, and the income (Sl. No. 22b of Form 60) is above the threshold exemption limit, duly filled in Form 60 can be submitted with the PAN application details (Sl. No. 21 of Form 60) and proof of submission of such application. Click here to download the Form 60 format.
5. An acknowledgement of receipt will be issued to the tenderers pending credit of admissible amount.
6. The Bank Notes have to be deposited by the account holder in person. They cannot be deposited by a Third Party.
7. NRIs/PIOs are not permitted to send the Bank Notes through postal channels to relatives in India
8. The facility is not available to Indian residents residing in Nepal, Bhutan, Bangladesh and Pakistan
9. The deposit will be permitted by RBI subject to scrutiny of the documents submitted, fulfillment of the Terms & Conditions of the Scheme, and Genuineness of the notes tendered
10. Any person, aggrieved by the decision of RBI may prefer an appeal to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal. Such representations may be addressed to the Central Board, Reserve Bank of India, Secretarys Department, Central Office Building, 16th Floor, Shahid Bhagat Singh Marg, Mumbai 400 001.

For more details, you may visit RBI website at https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10808&Mode=0

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Post ID: 233693 05-01-17 21:12:46
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san-hugo
Senior Desi
Member since: Aug 10




Posts: 2001
Location:


Quote:
Originally posted by Delhite

The cleanliness drive should have started from top to bottom and not from bottom to top.



Exactly. Though intention of PM is right, act is totally convoluted. People would have supported demonitisation if only few months in advance some big fish including politicians were caught in action and jailed. If visible measures were taken to show case that fight is on such as List of Swiss bank holders was made public (Excuse given time and again is that list is with supreme court for past 3 years , No idea why SC will keep on holding it for 3 years and do nothing) or strengthening of ACB ( Anti Corruption Bureau), CCTVs availability in offices with public dealings, Bill over transparency and RTI on party donations, Strictness over attendance of govt employees, surprise raids with live telecasts etc. etc. IF Center would have taken these steps, People would have happily accepted the DeMo and celebrated the order and supported Modi full heartedly. But this was a desperate measure taken under pressure of performance before elections in 5 states.

Lokpal bill was passed, right ? Thats why Ann Hazare was given pinapple Juice ! is it implemented ? Its been around 1.5 years now ! How many arrested ? Main idea behind lokpal was to catch the defaulting lawmakers.


I hope list is being compiled of all the accounts which got crores deposited in those PACHAASS Din. I hope we will know the true stats one day.







 
Last edited by: san-hugo on 06-01-17 23:13:57
Post ID: 233705 06-01-17 23:07:48
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shobhade
Desi
Member since: Aug 16




Posts: 57
Location:


OCI and PIO are NOT included, since they are foreign citizens with foreign passports, and have No Indian citizenship or Indian passport, as they had to relinquish that.

So basically only NRI's are included.

NRI's is a general term used for all Indians abroad, but OCI and PIO card holders are not NRI's, they are foreign citizens.

Note ban: Grace period for exchange doesnt apply to PIOs/OCIs

http://timesofindia.indiatimes.com/india/note-ban-grace-period-for-exchange-doesnt-apply-to-pios/ocis/articleshow/56431219.cms


Quote:
Originally posted by rajcanada

Got this email today.

---------------------------

NRIs who were not present in India during November 9 - December 30, 2016 and who have also not deposited the Specified Bank Notes of ₹ 500 and ₹ 1,000 (hereinafter referred to as SBNs) into their bank accounts during November 10 - December 30, 2016, are now permitted by RBI to deposit the said SBNs at the RBI offices located at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.

The said SBNs can now be deposited (upto a maximum of ₹ 25,000 per NRI individual) into the NRO account only once anytime during January 2 - June 30, 2017.

In view of the same, please take note of the following important points

1. This facility of deposit of SBNs is available only at the specified RBI offices, the addresses of which are available at the RBI website (https://rbi.org.in/). The bank notes cannot be deposited at any of the ICICI Bank Branches or Offices in India or overseas
2. The account in which the SBNs need to be deposited should be KYC Compliant
3. The SBNs to be deposited should be submitted to RBI along with the duly filled Annexure prescribed by RBI. Click Here to download the same.
4. Other documents to be submitted :
A copy of passport with immigration stamp as proof of the individuals absence from the country during November 9 - December 30, 2016. Passport in original should be presented at the RBI counter for verification.

A certificate issued by Indian Customs on arrival through Red Channel after December 30, 2016 indicating the import of SBNs, with details and value thereof.

Copies of statements of all bank accounts in India evidencing that no SBNs were deposited during November 10 - December 30, 2016.

Requisite document as per provisions of Section 114B of IT Rules, 1962. Copy of PAN Card is required to be submitted in respect of the specified transaction. Where an individual does not have a PAN, and the income (Sl. No. 22b of Form 60) is below the threshold exemption limit, duly filled in Form 60 can be submitted. Where an individual does not have a PAN, and the income (Sl. No. 22b of Form 60) is above the threshold exemption limit, duly filled in Form 60 can be submitted with the PAN application details (Sl. No. 21 of Form 60) and proof of submission of such application. Click here to download the Form 60 format.
5. An acknowledgement of receipt will be issued to the tenderers pending credit of admissible amount.
6. The Bank Notes have to be deposited by the account holder in person. They cannot be deposited by a Third Party.
7. NRIs/PIOs are not permitted to send the Bank Notes through postal channels to relatives in India
8. The facility is not available to Indian residents residing in Nepal, Bhutan, Bangladesh and Pakistan
9. The deposit will be permitted by RBI subject to scrutiny of the documents submitted, fulfillment of the Terms & Conditions of the Scheme, and Genuineness of the notes tendered
10. Any person, aggrieved by the decision of RBI may prefer an appeal to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal. Such representations may be addressed to the Central Board, Reserve Bank of India, Secretarys Department, Central Office Building, 16th Floor, Shahid Bhagat Singh Marg, Mumbai 400 001.

For more details, you may visit RBI website at https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10808&Mode=0





 
Last edited by: shobhade on 11-01-17 01:17:53
Post ID: 233713 10-01-17 05:29:46
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shobhade
Desi
Member since: Aug 16




Posts: 57
Location:


If you are OCI or PIO holder, you can't even do that .What a foolish rule .

Only NRI's who are on Indian Passport with Indian citizenship are allowed.

Foreign citizens on Foreign passport, with OCI or PIO card are not allowed to deposit

All OCI and PIO should complain about this ! They want FDI from us, but the same rules like NRI don't apply to us.

OCI and PIO are not NRI's. Lot of people forget that and are confused. OCI, PIO, NRI, Indian resident, so much rubbish and confusion.

Note ban: Grace period for exchange doesnt apply to PIOs/OCIs

http://timesofindia.indiatimes.com/india/note-ban-grace-period-for-exchange-doesnt-apply-to-pios/ocis/articleshow/56431219.cms


 
Last edited by: shobhade on 11-01-17 01:14:04
Post ID: 233715 10-01-17 11:50:21
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rajcanadaMember of Administrators
Admin
Member since: Jul 03




Posts: 2699
Location: Kitchener, ON


Quote:
Originally posted by shobhade

If you are OCI or PIO holder, you can't even do that .What a foolish rule .

Only NRI's who are on Indian Passport with Indian citizenship are allowed.

Foreign citizens on Foreign passport, with OCI or PIO card are not allowed to deposit

All OCI and PIO should complain about this ! They want FDI from us, but the same rules like NRI don't apply to us.

OCI and PIO are not NRI's. Lot of people forget that and are confused. OCI, PIO, NRI, Indian resident, so much rubbish and confusion.

Note ban: Grace period for exchange doesnt apply to PIOs/OCIs

http://timesofindia.indiatimes.com/india/note-ban-grace-period-for-exchange-doesnt-apply-to-pios/ocis/articleshow/56431219.cms</font>


Only residents of India are allowed to take Rs. 25,000 out of India, so they are being allowed to deposit the old notes up to that limit. Foreign citizens are not allowed to take Indian Rupees out of India. It is another matter that for convenience people do take it outside India as India is still majorly cash based economy.

Edit: My above post is incorrect. Foreigners are also allowed to take Rs. 25,000 outside India and bring it to India.

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Last edited by: rajcanada on 15-01-17 09:12:32
Post ID: 233722 13-01-17 11:38:23
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sguk
Senior Desi
Member since: Mar 09




Posts: 327
Location:


hmm ... read the below links:

http://nricafe.com/guide-carrying-currency-through-indian-airports/

http://indianexpress.com/article/business/banking-and-finance/residents-non-residents-allowed-to-carry-up-to-rs-25k-abroad-rbi/


which brings us to the crucial issue. Multitude of announcements and nobody knows the truth.

Same thing happened during demonetization. More than 60 announcements in 50 days.

Indian govt is famous for lack of governance, rule of law and complication. That is why nobody follows any rules in India. Look at how they drive?

Modi wants everyone to pay taxes. Then simply tax laws, all laws. Don't have million announcements.

Look at Canada. We have one (main) form for tax filing. Only good thing that Trudeau has done is to get rid of some tax credits. More needs to be done.


Quote:
Originally posted by rajcanada

Quote:
Originally posted by shobhade

If you are OCI or PIO holder, you can't even do that .What a foolish rule .

Only NRI's who are on Indian Passport with Indian citizenship are allowed.

Foreign citizens on Foreign passport, with OCI or PIO card are not allowed to deposit

All OCI and PIO should complain about this ! They want FDI from us, but the same rules like NRI don't apply to us.

OCI and PIO are not NRI's. Lot of people forget that and are confused. OCI, PIO, NRI, Indian resident, so much rubbish and confusion.

Note ban: Grace period for exchange doesnt apply to PIOs/OCIs

http://timesofindia.indiatimes.com/india/note-ban-grace-period-for-exchange-doesnt-apply-to-pios/ocis/articleshow/56431219.cms</font>


Only residents of India are allowed to take Rs. 25,000 out of India, so they are being allowed to deposit the old notes up to that limit. Foreign citizens are not allowed to take Indian Rupees out of India. It is another matter that for convenience people do take it outside India as India is still majorly cash based economy.





 
Post ID: 233724 13-01-17 13:56:14
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puttoo
Senior Desi
Member since: Jan 05




Posts: 1094
Location:


Quote:
Originally posted by rajcanada
Only residents of India are allowed to take Rs. 25,000 out of India, so they are being allowed to deposit the old notes up to that limit. Foreign citizens are not allowed to take Indian Rupees out of India. It is another matter that for convenience people do take it outside India as India is still majorly cash based economy.



As per RBI notification non residents (excepting residents of Pakistan and Bangladesh) are allowed to carry Rs 25,000 outside the country legally.


From RBI's notification:

4. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India:
i) may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while exiting only through an airport.
ii) may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while entering only through an airport.

https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8949&Mode=0


 
Post ID: 233727 13-01-17 20:18:42
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