RBI turns away people wanting to exchange old notes

Hundreds thronging the RBI office to exchange old Rs 500 and 1,000 notes returned empty handed as the central bank is allowing the facility only for NRIs or those who were abroad during the 50-day demonetisation period.

People were seen arguing with security guards at designated RBI branch saying that Prime Minister Narendra Modi had promised that old notes could be exchanged till March 31 at RBI.

Even the RBI on November 8 statement said, “Any person who is unable to exchange or deposit the specified banknotes in their bank accounts on or before December 30, 2016 shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date as may be specified by the Reserve Bank.” 

The central bank on December 31 designated its five offices -- Mumbai, New Delhi, Chennai, Kolkata, and Nagpur -- to exchange defunct currency notes post 50-day demonetisation period that ended on December 30.

Prime Minister Narendra Modi in his address to the nation on November 8 had said, “There may be some who for some reason, are not able to deposit their old 500 or 1,000 rupee notes by December 30, 2016.

“They can go to specified offices of the Reserve Bank of India up to March 31, 2017 and deposit the notes after submitting a declaration form.”