RBI rolls back norms for deposit of old notes by KYC customers

December 21, 2016

Mumbai, Dec 21: Under all-round attack, the Reserve Bank today did a U-turn on customers depositing demonetised notes over Rs 5,000 till December 30 by making it clear that there will be no questions asked either in case of one-time or repeat deposits if the accounts are KYC-compliant.

RBISuch customers will also not be questioned by bank officials on why they had failed to deposit the old notes earlier.

The RBI turnaround came as Finance Minister Arun Jaitley's assurance on Monday night and yesterday that there will be no questions asked to customers who would make one-time deposit above Rs 5,000 failed to persuade bank officials who insisted that there should be fresh circular from RBI so that customers will not be harassed.

However, customers with non-KYC accounts will be subject to stiff conditions imposed by RBI on December 19 for deposit of junked notes.

The decision follows widespread criticism of the guidelines, with people saying the Prime Minister as well as the finance minister have asked people not to throng the banks as they have time till December 30 to deposit invalid notes in their accounts.

On review of the guidelines, RBI decided to modify the old currency deposit rules for fully-KYC compliant customers, an RBI notification said today.

The December 19 notification of RBI had said tenders of old currency in excess of Rs 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

"The credit in such cases shall be afforded only after questioning tenderer, on record, in presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage," it had said.

Replying to queries on curbs on deposit of old currency notes by RBI, Finance Minister Arun Jaitley yesterday had said people should go and deposit the now-defunct notes at one go as repeat deposits raise doubt.

"Today, there are no exemptions... Now, there is no further scope of earning old currency. So, those who have got old currency must go and deposit at one go," he had said.

"Therefore, if somebody goes everyday and deposit old currency, it raises suspicion. How is he getting everyday? As long as exemptions existed, there was scope for getting old currency. But once the exemptions have been lifted, if you have old currency, go and deposit at one go."

Comments

Abu Muhammad
 - 
Wednesday, 21 Dec 2016

When I read Govt/Bank/Ministers statements on demonetisation, it reminds me of the KG class story of intoxicated Monkey playing havoc in the village. Very painful entertainment indeed!!!

abdullah
 - 
Wednesday, 21 Dec 2016

in all top department mad people sitting to take daily different decisions.

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News Network
April 2,2020

Thiruvananthapuram, Apr 2: With the coronavirus lockdown in place, liquor would be delivered home by state-run retail outlets in Kerala after the left government has decided to issue special passes to tipplers, who exhibit withdrawal symptoms and have doctors prescription.

Protesting the government decision, the Kerala Government Medical Officers Association (KGMOA) wore black badges on Wednesday, but attended duty and seeking immediate withdrawal of the order, saying it was "anti-people".

As per guidelines issued by the Kerala State Beverages Corporation managing director G Sparjan Kumar, for the supply of liquor, a service charge of Rs 100 would be collected from each pass holder for meeting the delivery expenses.

Each person would be entitled to 3 litres of Indian Made Foreign Liquor (IMFL) and sale of wine and beer was not envisaged, the order stated.

Those not willing to undertake the home delivery, the name and details of the employee should be reported to the Head office for submission to the government, it said.

A civil police officer will have to accompany the distribution vehicle.

The sale of liquor should be only to the pass holders, limiting it to the quantity mentioned in the pass.

Any excess sale to pass holders or sales to non-pass holders is strictly prohibited, the order said.

In the order issued on Monday, the government said, following the lockdown and the closure of liquor outlets in the state, there were many instances of social issues, including suicidal tendencies shown by those who consumed liquor regularly and the state government has decided to initiate steps to resolve the matter.

Speaking to reporters, chief minister Pinarayi Vijayan said his government has not forced anyone to prescribe liquor to addicts.

He was responding to a query on the indifference of doctors towards the matter of prescribing liquor to addicts.

"If the doctors are not ready to prescribe liquor, it's fine. We are not forcing anyone to do so. We were just following the protocol which are prevalent at many places. It's been over a week. The family and friends of the addicts can gently persuade them to approach the de-addiction centres," he said.

Sparjan Kumar said the order on home delivery was just a modality, as part of the earlier order issued by the government to provide liquor under prescription.

"We have worked out a modality. We have a meeting tomorrow. Some new order has been issued by the Centre today. The meeting will discuss the implementation of the orders," Kumar told.

A person showing withdrawal symptoms has to get a doctor's prescription on his condition so that he could be provided liquor in a "controlled manner", the order added.

The Indian Medical Association (IMA) has also come out against the government's move.

Meanwhile, Vimukthi, an anti-narcotics campaign launched by the state government, has till now admitted 64 patients since March 24.

"Since March 24, the day lockdown started, we have 64 patients admitted due to withdrawal symptoms. We have also registered at least 200 out patients at various de-addiction centres across Kerala," K Mohammed Resheed, Joint Excise Commissioner in charge of awareness told.

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News Network
May 11,2020

May 11: Congress leader Rahul Gandhi on Monday said many states were amending labour laws, but the fight against the novel coronavirus pandemic cannot be an excuse to exploit workers, suppress their voice and crush their human rights.

Gandhi said there cannot be any compromise on the basic principles by allowing unsafe workplaces.

"Many states are amending labour laws. We are together fighting against corona, but this cannot be an excuse to crush human rights, allow unsafe workplaces, exploit workers and suppress their voice," he said.

"There cannot be any compromise on these basic principles," he added.

Congress leader Jairam Ramesh also said it would be dangerous and disastrous to loosen labour, land and environment laws in the name of economic revival and stimulus.

"In the name of economic revival and stimulus, it will be dangerous and disastrous to loosen labour, land and environmental laws and regulations as the Modi govt is planning.

"The first steps have already been taken. This is a quack remedy like demonetisation," Ramesh tweeted.

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February 29,2020

Feb 29: The "Dadi of Shaheenbagh" on Friday said that Prime Minister Narendra Modi does not understand the pain of losing children, as speakers at an anti-CAA rally here called on protesters to maintain peace and not give in to any provocation.

Tushar Gandhi, the great-grandson of Mahatma Gandhi, said that the battle is not for a day or two, but the protesters will have to be prepared to continue it for years to come.

Asma Khatoon, who has earned fame as the "Dadi of Shaheenbagh" in Delhi, asked how can a person take care of the whole country when he cannot maintain his own family.

"He would have realised how it feels to lose a child if he had his own children," she told a gathering at the Park Circus Maidan, which is being termed as the Shaheenbagh of Kolkata with women holding a sit-in for the last 53 days to protest the Citizenship (Amendment) Act, proposed nationwide NRC, and the NPR.

The death toll Delhi's communal violence has gone up to 42.

She said it is not biryani that has attracted women to the protest at Shaheen bagh while holding that such vilification campaigns will have no effect on the agitation.

State BJP president Dilip Ghosh has claimed that "uneducated men and women" are protesting at Delhi's Shaheen Bagh and Kolkata's Park Circus as they get money and biryani purchased with foreign funds.

"Home Minister Amit Shah has called 20 protesters to meet him, but I want to tell him that we are one lakh and I want him to mention the place where he wants us to go for the meeting," she said.

Tushar Gandhi said, "People should stay united and not give in to any provocation," he said.

Gandhi said that the people of West Bengal are lucky to have Mamata Banerjee as their chief minister.

"They will try to break her also and it is necessary that you continue to give her support," he said.

Gandhi claimed that no one can harm a country where its mothers and sisters come out to save it.

He claimed that the CAA is not about Hindus or Muslims, but will really affect the poor people, who will be made to run around to get their papers instead of earning for their basic and daily needs.

"It's a dichotomous government that we have at the Centre. On the one hand, they want us to provide documents to prove our citizenship, while on the other they refuse to accept the papers that one produces before it for the purpose," he said.

He claimed that the government is forcing its people to resort to lies and declare that they are political refugees from countries like Bangladesh and Pakistan.

Gandhi claimed that time and again documents with the government like electoral rolls and land documents have been used to identify people of certain communities during riots.

"So it is dangerous to give too much information to the government," he said.

He called on the people to have faith in non-violence and asked them to maintain peace and harmony.

B R Ambedkar's great-grandson Rajratna Ambedkar claimed that it is the Adivasis who will also be affected by the CAA.

"I want to tell Modi and Shah that the country runs on the Constitution by Ambedkar and not M S Golwalkar (of RSS)," he said, adding that because of the rights conferred on people by the Constitution, those backward people who did not have the right to sit on a bullock cart are now flying jet planes.

He said that Modi and Shah committed an error by enacting the CAA as it has turned the people of the country into Indians only, instead of Hindus, Muslims, Christians or Sikhs.

"Every machinery of the country has been taken control of by the RSS. If one Modi or one Shah goes, they will bring in several more Modi or Shah," he said.

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