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Taxation |
With the March 31 deadline looming for depositing demonetised currency, the Reserve Bank offices continued to witness long queues. There is confusion among people standing in the queues as ineligible ones are making it longer. "Several people who are ineligible queueing up at RBI counters making the queue longer," Minister of State for Finance Arjun Ram Meghwal said in the Rajya Sabha. As tempers ran high outside the central bank branches, he added that "each application has to be checked at the counters for his/her absence from the country from passport stamp marks, it is taking considerable time for the counter staff."
Here's a checklist before the opportunity ends on March 31:
* Possession of more than 10 notes in junked currency after March 31 is illegal for Indian residents. Violation of this is punishable with a fine which may extend to Rs 10,000 or five times the amount of the face value of the notes, whichever is higher.
* The central bank allowed Indian residents who were abroad during November-December 2016 to exchange the scrapped notes up to March 31 but for non-resident Indians (NRIs) the deadline is June 30.
* NRIs coming to India are required to come through 'Red Channel' disclosing to the Customs authorities at the airport the amount of the defunct notes and secure a certificate to be tendered at RBI at the time of exchange. A one-page form has been worked out for the purpose.
* There is no monetary limit for exchange for the eligible resident Indians, but the limit for NRIs will be as per the relevant FEMA Regulations (Rs 25,000 per person).
* Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.
* The facility to exchange old notes is available at RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur.
* On fulfillment of the terms and conditions and the genuineness of the notes tendered, the amount will be credited to the person's Know Your Customer (KYC) compliant bank account.
* In case of refusal by the central bank, a person may appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him. Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary's Department.
