Money & Banking
RBI begins crediting money to NRIs who deposited old notes
The Reserve bank of India (RBI) has initiated the payment process to credit value of the banned notes deposited by non-residents Indians (holding Indian passport) under the demonetisation drive, says an official from the central bank. 
 
In an email response, the official from RBI stated, "The current window is for exchange of specified bank notes (old Rs500 and Rs1,000 notes) by NRIs (people having Indian passports) and residents who were away during 9th November to 30 December 2016. The process involves verification of their know-your-customer (KYC) status, and their not availing the exchange services during the normal window. This process takes several weeks. As such the payments have commenced now. While we regret the delay, the time taken was needed to complete the verification process."
 
RBI has granted a grace period for NRIs and Indian citizens who were abroad during the demonetisation drive to deposit banned notes of Rs500 and Rs1,000. For resident citizens, who were abroad during the demonetisation period, the facility to exchange banned notes is available till 31 March 2017. For NRIs, the same facility is available till 30 June 2017. While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs is as per the relevant regulations under the Foreign Exchange Management Act, 1999 (FEMA).  
 
As per the Reserve Bank, after expiry of the grace period, holding of not more than 10 notes in total, irrespective of denomination or not more than 25 notes for the purpose of study, research or numismatics is permitted. In terms of Section 7, contravention of Section 5 shall be punishable with fine, which may extend up to Rs10,000 or five times the face value of the banned notes involved in the contravention, whichever is higher.
 
RBI has set up counters at its five offices, Mumbai, New Delhi, Chennai, Kolkata and Nagpur to allow NRIs and Indian citizens to avail the exchange facility during the grace period. This facility is not available outside India. 
 
 
Any person aggrieved by the refusal of the RBI to credit the value of notes as mentioned above may file a complaint to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to her.

NOTE: We request all those who are reading this article and comments, not to post any personal details in your comments. If you have any grievance, you need to contact the RBI and not post your personal email ID, mobile number or bank account number in comments.

COMMENTS

boyapati prasanna

4 months ago

And please let us know how to contact rbi in this regard. Because I have written a couple of mails to rbi Chennai and no response

boyapati prasanna

4 months ago

Please add me. I have deposited in February. 9010931910 my number

Deepak Sahu

4 months ago

Add Me.. I have deposited at RBI Chennai on 20th-Feb. My number is +91-9916044476

Harika govvala

4 months ago

add me 9652343456 i have deposited Rs.1,58,500/- at RBI CHENNAI

Amit Lohani

4 months ago

Add me 9162195291

dayakar anday

4 months ago

I deposited Rs.29500 at rbi chennai Feb 2017. My no.+91-9949819857.Please add in whatsapp group.

Rajinder

4 months ago

Please add me in whatsapp group +1-872-806-7943

Amit Jain

4 months ago

Hello, I have deposited 25k in RBI, Mumbai and yet to receive a response. Please add me to the whatsapp group +966-500417678

Venkat Jamalamudi

4 months ago

I have deposited 15k on February still not yet received. And I called to RBI in mid of may they said another 3 months it will take but I couldn't yet please add my number to the group +601112347371

Hirdesh Rana

4 months ago

Hi , I have deposited 25k, still no reply. could you please add me into watsapp group . 9167148859

Sumanputra Swapnil Todkar

4 months ago

Hello All, i also deposited 10k in mid of march, still not received my refunds or official intimation from RBI. could you please add me into whats app group . 94230 93919

kailash patel

4 months ago

HI AL,, i also deposited 25k, still no reply. could you please add me into watsapp group . 7709013479

Meena Iyer

4 months ago

I had deposited cash of Rs 9000/ at Mumbai RBI on 19/3/2017 Till date credit has not come to account I had submitted all proofs of my being abroad during demonetisation period and letter from customs and all details of address account details Than why is it taking so long for RBI

Roopesh Amin

4 months ago

THANKS ONLY 5 PEOPLE JOIN IN WATSUP GROUP.

REPLY

Tariq Bin Ziyad 88013072

In Reply to Roopesh Amin 4 months ago

+917799494650 add me in whats app group

Avi Makkar

In Reply to Roopesh Amin 4 months ago

Sir add me 9888855044

Madathil Rajendran Nair

In Reply to Roopesh Amin 4 months ago

I am Madathil Rajendran Nair. Mobile (WhatsApp): 9495707509.

I tendered SBNs worth Rs. 8000/- at RBI, Chennai, on 22nd Feb. No news from them even after writing three e-mails to them at sbnnrichennai@rbi.org.in (the email id mentioned on their tender receipt).

Nishant Patel

In Reply to Roopesh Amin 4 months ago

Sorry just bought a sim add me 00919765074060 nish

Kaur Pervinder

4 months ago

I want to know deposit of old currency vide reciept no 11525 & 11526 dated 22/3/2017

Traders term banks' cash transaction fee as financial terrorism
With the banks levying a fee for over four cash transactions at its branches, the Confederation of All India Traders (CAIT) on Thursday said the charges amounted to "financial terrorism".
 
"We strongly object levy of abnormal charges by banks on withdrawal of cash more than four times from saving bank acounts. Levy of such charges is a kind of financial terrorism on account holders. It can't be the way to encourage digital payments and putting the people at mercy point," CAIT General Secretary Praveen Khandelwal said. 
 
"If digital payment is to be leveraged, the government must absorb transaction charges by subsidising the same to banks and effective incentive schemes must be announced to promote more and more digital payments in India," Khandelwal said. 
 
In a bid to discourage cash transactions, banks like HDFC Bank, Axis Bank and ICICI Bank are levying a transaction fee of Rs 150 on deposit or withdrawal of cash from the savings accounts at bank branches beyond four to five times in a month.
 
While HDFC Bank brought the rule into effect only on March 1, Axis Bank implemented it from January 1, that is after the demonetisation period. ICICI Bank on the other hand says, the rules have not been changed and the Rs 150 fee has been applicable from July last year.
 
"There are four free cash transactions per month. Fifth transaction onwards Rs 150 per transaction (plus taxes and cess) would be levied," HDFC Bank said in a statement.
 
At its home branch, HDFC Bank has kept an upper limit of Rs 2 lakh per month per account while above that Rs 5 per Rs 1,000 or part thereof, subject to a minimum of Rs 150 (plus taxes and cess) will be levied.
 
ICICI Bank has already been levying a similar fee since July last year on cash transactions beyond five.
 
"It is nil for the first four transactions in a month. Thereafter Rs 5 per Rs 1,000 or part thereof, subject to a minimum of Rs 150 in the same month. Maximum limit is nil for self but Rs 50,000 per day for third party," according to the list of ICICI Bank transaction charges.
 
Axis Bank said that five transactions or Rs 10 lakh, whichever is earlier, for cash deposits or withdrawals are free. Beyond that Rs 5 per Rs Rs 1,000 or Rs 150, whichever is higher will be applicable for Axis Bank customers. 
 
Public sector lender State Bank of India (SBI) said it charges nominal Rs 50 beyond three transactions in a month, though there is no upper limit on the amount of cash transacted.
 
"These charges are already existing. The same have been renewed for the next financial year from April 1. It is to deter the customers from visiting the branch but the charges are very nominal. As it is, the customer does not need to visit the branch often because we provide 10 free withdrawals in a month from ATMs," a SBI official told IANS.
 
Private lender YES Bank also follows in the footsteps of the SBI and has a nominal charge of Rs 50 beyond five transactions or Rs 5 lakh of deposits, whichever is earlier.
 
If the customer exceeds five transactions, he will be charged Rs 3 per Rs 1,000 with a minimum limit of Rs 50. YES Bank said it, on the other hand, encourages people to visit their branches.
 
"These charges are nominal and towards recovering our costs. We believe that customers coming to our branches will help us demonstrate our service capability and act as a stronger engagement tool. Hence, we encourage customers to visit and experience our branches," a YES Bank spokesperson told IANS.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

COMMENTS

Saravanan Balasubramanian

1 month ago

Please add me to the group +919629443320 b.saravanan1999@gmail.com I'm also having the same issue

Kancharla Lavanya

2 months ago

Please add me in group my number 9176644054..still am not received amount.

Kancharla Lavanya

2 months ago

am also deposited 1 lakh amount on march 20th but still now am not received that amount to my account so when it will be credited to our account.so please tell me that information .My mobile number is 7396789975 so please inform me this number.

rahamat ali

3 months ago

Hello, i had deposited in the month of Jan 2017 and so far no response from RBI even after sending multiple emails. Please add me to the group. My number +91 9962091345

Dilpreet Singh

4 months ago

Add me also 9044330945

Owais Shaikh

6 months ago

I have deposited the amount on 3rd of january in RBI Mumbai after a lot of chaos and confussion within the personals working there i was able to deposit it somehow post that i tried to follow up on customer care number which they never picked up so at the end i have to visit again.I saw so manu aged people literally in very pathetic condition standing at those confused ques, i approached one of the person their and told me it will get credited in 15 days but now almost after 5 months no notification or clear communication has been shared with the people.I dont understand why is their so much of confusion i really dont trust if it is the situation of highest monetary regulatory institute of our country i dont know where we are heading towards..Although we are making big comments of digital India and alike but i beleive we are centuries lag compared to other countries....we Should lool into it

Mahesh S Bhatt

9 months ago

Their mess up with Government Private investment in unrealtistic Infra/Industry investments/Really Unreal Estates is being squeezed from common man.

Wait for more challenges Enjoy team of Unbankables

Mahesh Bhatt

All banks must enable mobile banking by March 31: Government
In a move to promote digital transactions post-demonetisation, the government on Wednesday said it has asked banks to provide mobile banking facility to all customers by the end of the current fiscal on March 31.
 
"What we have asked the banks to do is to enable all customers who have mobiles for mobile banking. We are asking banks to run a nationwide campaign up to March 31 to ensure that every customer who has a mobile phone is enabled for mobile banking," IT Secretary Aruna Sundarajan told reporters here.
 
"The reason is earlier mobile banking wasn't such a priority. And therefore, many customers may not have said they want mobile banking services. But today, they want it," she said.
 
The Secretary also said customers who are using the Unified Payments Interface (UPI) or BHIM payment app should automatically be enabled for mobile banking.
 
"We have said that any customer who accesses UPI or BHIM, they should automatically be enabled for mobile banking because it means they want mobile banking. This is to ensure that whoever wants to do mobile banking but has not been enabled, should be enabled by March 31," she said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

COMMENTS

Abhijit Deshmukh

4 weeks ago

Please add me +4917621952802..

I deposited 20 k in feb but no action yet from RBI.

SRINIVAS SHENOY

9 months ago

The present generation are generally mobile savvy, and this will result in the success of the mobile payment app.

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