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.
 

 

User

COMMENTS

Tariq Bin Ziyad 88013072

2 days ago

What the hell chennai rbi is doing i need my money back it has been 4 to 5 months but still no response and they dont have time to receive our calls ! great 👍🏻 Ache din agaye 👍🏻

Anand Hallur

3 days ago

i will submit my old many in RBI , MARCH 3 . so still date at not credit my account , plz credit many in my account , plz..........

Pratik Padsala

3 days ago

I pratik studying in Europe
Came India for my brothers marriage in Feb 2017
Deposited money in the RBI Bombay
In that month only
Amount was 42000 only
But till now
No new notes in my bank account
What need to do guys
Please help me out
IS RBI NOT DOING THERE WORK PROPERLY?
Or it is a government thing so need to be slow
But it is now out of the limit
Now THE MAIN QUESTION IS
BASICALLY WHAT I NEED TO DO TO GET MY MONEY BACK?

Ramesh Chandra Seth

4 days ago

I was submitted my old currency 15,500 rs old currency to RBI Delhi in FEB month 2017. after that I write so many mail to RBI , but no reply from them. I don't know , what is going. even I don't know , what is status of verification. I did KYC for my Indian Account.

bindu reddy

4 days ago

if anyone need help in exchanging old notes...contact me 8074951602...hurry

Roopesh Amin

5 days ago

is anybody is lawyer. in this group. pl if you are help us. pl ask threw rti .

REPLY

Chintan Vaghani

In Reply to Roopesh Amin 4 days ago

We have already made RTI before 45 Days for seeking exact time to deposit money in public interest. But till date RBI, Mumbai have not replied and violating 'RTI Regulations to reply within 30 days of RTI'. Now, we need media attention in this regards, if any one have contact in media.

Deepak Sahu

In Reply to Chintan Vaghani 4 days ago

Hi Chintan, Kindly let us also know how to file RTI or contact any media house. Some media house has to air this news. I have deposited SBN of 88500/- on 20th-feb-2017 and till now there is no response from RBI, Chennai..!! God knows whether they will give it or not.

Roopesh Amin

5 days ago

, I deposited Rswith RBI Delhi on 9 March 2017, being out of country during the grace period. But, the same have not so far been deposited in my KYC account with SBi, aanand nagar branch, Ahmedabad. My application No is 8969. anybody have rbi contact no or email id which give us reply

Mayur Kapoor

6 days ago

I have deposited approx 3.5lacs in RBI on 9th March at RBI Delhi but still not a single penny is been deposited at my acount we saved that to give to the builder for our apartment now as the builder is demanding money from us and putting interest on delayed payment. I have written 100's of mail and called so many times to RBI but the are not even bother to response .
This is injustice who will be responsible for the penalty I have to pay to the builder. Who will compensate on it. Can I go to the court ? Kindly Opine.

Madathil Rajendran Nair

1 week ago

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 [email protected] (the email id mentioned on their tender receipt). Can someone please advise what to do?

REPLY

Tanvi Achariya

In Reply to Madathil Rajendran Nair 6 days ago

did you submit e statement or accoutn statement copy from the bank?

Madathil Rajendran Nair

In Reply to Tanvi Achariya 6 days ago

Yes. I submitted statements for all my accounts including NRE ones for the period Nov 1, 2016 till Feb 15, 2017 together with signed certificates from the banks concerned stating that I hadn't tendered any SBNs during that period. The official (a lady) who checked my papers at RBI Chennai said that everything was alright and as required and the money would be credited to my designated NRO account with SBI in a maximum of 40 days provided the account is KYC-compliant. I have ascertained with the Bank that the account is indeed KYC compliant.

Deepak Sahu

In Reply to Madathil Rajendran Nair 7 days ago

Mailed 5 times...Called minimum 20times..Month of May they were responding but now they are not responding to any calls too. If They pick and you start asking the status for your deposited money, they are simply disconnecting the calls immediately . Phone numbers Are : 044 - 25399124/25399125

T V Sundaram

In Reply to Deepak Sahu 7 days ago

Most of us asked for ACHE DIN and we are getting that.

Madathil Rajendran Nair

In Reply to T V Sundaram 7 days ago

Mr. Sundaram: I understand from this thread that you already got your money, although after four months. I admit that it was a pretty long delay. Yet, please don't use your grievance to vitiate our pride about our hard-working, untiring PM. It is a bureaucratic muddle for which only RBI is responsible. They could have done away with all the administrative hurdles like KYC checking etc. since the maximum they are giving is a paltry Rs. 25000/-. I have tendered Rs. 8000/- and am still awaiting refund. We will sure have achche din ahead inspite of all these petty grievances.

INSIDE

1 week ago

I had deposited my money at rbi delhi on 19th march they told me to wait for 2.5 month its been 3 months and still they havent credited a single penny in to my a/c..shame on RBI ..not even a singke news chanel is covring this issue ..all they chant yogi and modi whole they ..seriously rbi playing a shit role and even tho not rplying and picking up calls ..like public is tottaly stupid for them .

REPLY

srishiva125

In Reply to INSIDE 1 week ago

you are so true

INSIDE

In Reply to srishiva125 1 week ago

I need my momey badly and dont know whom to talk ..and the main thing it was our hardearn money not BLACK..And they ppl who was haveing black money are happy with their money..R.I.P SYSTEM

Maharshi Mehta

2 weeks ago

Deposited in Mumbai around 21st January ; waiting, waiting, waiting. ....

Nancy Goveas

2 weeks ago

Guys RBI has credited my money in my account today. I had deposited in d month of January

REPLY

srishiva125

In Reply to Nancy Goveas 2 weeks ago

congrats !!!

Deepak Sahu

In Reply to srishiva125 2 weeks ago

In Which RBI you have deposited. Now RBI chennai is not responding to calls too..!! God knows when they will credit my deposited amount..!!

Nancy Goveas

In Reply to Deepak Sahu 2 weeks ago

Mumbai Branch office

Nancy Goveas

In Reply to Deepak Sahu 2 weeks ago

Mumbai Branch office

Meena Iyer

2 weeks ago

I have deposited cash in Mumbai RBI on 9 March 2017 as I was abroad My receipt no C_94/09/03/17 Not yet credited to account How do I check the status Kindly guide

Raghav Sharma

2 weeks ago

Plz tell me how to check status of money credited from RBI (.Mumbai)

Deepak Bhatia

2 weeks ago

I had deposited the old notes on Feb 2017 but my account has not yet been credited with the new notes. And the amount was Rs. 25,000 as per the limit

This is how the great LeEco India story went bust
After arriving in India in January last year, Chinese internet and technology conglomerate LeEco fast became the "true disrupter" in the evolving Indian smartphone market with its huge marketing spend -- and the announcement of a state-of-the-art assembling/manufacturing unit.
 
News that the company has fired 85% of its India staff across the sales, marketing and distribution departments -- and confirmed by a company source to IANS on Friday -- has effectively punctured a mammoth dream just within a year. 
 
The source also confirmed to IANS that both Atul Jain, Chief Operating Officer, Smart Electronics Business, and Debashish Ghosh, Chief Operating Officer for Internet Applications, Services and Content, were "asked to leave" and had not quit as reported.
 
Speculation is also rife that LeEco may finally exit the country after spending millions on promoting its ecosystem of "superphones" and "super TVs".
 
"LeEco is in serious financial trouble and has, as a consequence, practically ceased India operations. The staff layoffs are a direct consequence of this. Even in the previous quarter, their shipments were close to zero," Jaideep Mehta, Managing Director, IDC South Asia, told IANS.
 
After its entry into India, the company launched five superphones, a LeEco membership of content and internet services, its e-commerce platform LeMall and, most recently, "SuperTVs".
 
"LeEco, as the name suggests, was built on the premise of an ecosystem. The device would open a user to an ecosystem and it was not just a smartphone. However, for a country like India, and even for many countries globally, this ecosystem isn't ready yet. Paid content consumption hasn't become big enough for a company to survive while earning nothing on the device itself," Faisal Kawoosa, Principal Analyst, Telecoms, CyberMedia Research (CMR), told IANS. 
 
On the contrary, if you see other handset brands, to an extent they too make money from content, but as value-added earnings -- which is just a fraction of the actual earnings out of the device. For them, it is akin to average revenue per user (ARPU) of a telecom operator where the operator wants to earn more per user by offering additional services.
 
"LeEco came in to disrupt this business model and make the secondary streams of earnings as their primary. For that to happen, the ecosystem hasn't arrived yet. So their positioning as well as proposition went wrong. It dismayed a user to see nothing extraordinary in terms of Device+ strategy," Kawoosa added.
 
In August, LeEco announced a $7 million manufacturing unit in Greater Noida in the presence of IT and Electronics Minister Ravi Shankar Prasad.
 
"As the market size for electronics is expected to grow to $400 billion by 2020, it is imperative to promote indigenous manufacturing. LeEco is a name of global reputation and it is heartening to see it align with 'Make in India' after entering India just eight months earlier," Prasad had told the gathering.
 
LeEco planned to ramp up the production to approximately 200,000 "superphones" per month by the end of 2016, before a severe financial crunch caught up with the company. 
 
"I think there was a disconnect with their go-to-market strategy. Being an online player they spending was almost like a player with an offline distribution strategy. Although their products were good, it was the overall marketing strategy that led to quick cash-burn," Tarun Pathak, Senior Analyst, Mobile Devices and Ecosystems at New Delhi-based Counterpoint Research, told IANS.
 
According to Kawoosa, for few years, LeEco should have positioned itself as a brand offering better specs of hardware at affordable prices. 
 
"Eventually, as the ecosystem would have matured, they could have played the LeEco card," Kawoosa told IANS. 
 
For assembling/manufacturing in India, LeEco had partnered with the US-based company M2i which will continue to manufacture for others if, by any chance, LeEco doesn't continue to manufacture in India. 
 
"I would say, these experiments will go on and we may see brands coming in and out for manufacturing in India. For 'Make in India', I wouldn't consider this as a blow yet," Pathak noted. 
 
Given the LeEco experience, other smartphone players need to look at their scale of operations and play to their strengths. 
 
"Since India is a such a diverse market, one strategy doesn't lead to guaranteed success throughout the country. With the smartphone segment being so competitive, and amidst razor-thin margins, brands need to watch their campaigns and invest wisely," added Kawoosa.
 
"It is simply a case of an over-ambitious company going under," Mehta noted.
 
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

Giga Mehdi

2 weeks ago

I had deposited old notes. Still recover in my accounts

Rahul Mishra

4 months ago

Superb article
Indian phone and internet market is still getting a feel of new technology. The penetration is low as far as latest technology adoption is concerned.

Bitcoin: Can RBI ignore the elephant in the room?
Virtual currencies like Bitcoin are all the rage in FinTech, and could potentially transform global commerce in the years ahead. Users are adopting them in the thousands each day and the value of trade in these currencies is witnessing unparalleled growth.
 
The world over, regulators are working out carefully-crafted regulations to foster Bitcoin growth. In India, however, even with the new cashless push by the government and existing Bitcoin trade spiking post-demonetisation, the Reserve Bank of India (RBI) continues to shy away from recognising and regulating virtual currencies.
 
On February 1, the RBI issued a yet another cautionary press release, on the back of an earlier one issued in December 2013, warning users of a risk they are likely to already be aware of -- that it (the RBI) does not regulate and has not licensed any virtual currencies in India, and anyone using them does so at their own risk.
 
A month later, on March 1, RBI Deputy Governor R. Gandhi raised concerns over virtual currencies, saying they pose potential financial, legal, customer protection and security-related risks.
 
While the central bank seems to be insulating itself from the repercussions of these currencies remaining unregulated, their use continues to grow exponentially across the world, including in India.
 
As of an August 2016 (pre-demonetisation) estimate, the number of Bitcoin (the most prominent of several virtual currencies) users in India stood at 50,000 and growing. India now also has a large number of prominent Bitcoin exchanges such as BTCXIndia, Coinsecure, Unocoin and Zebpay. Globally, by some estimates, Bitcoin users alone could breach five million by 2019.
 
The latest red flag from the RBI may well have been prompted by the recent surge in the price of Bitcoin on Indian Bitcoin exchanges post-demonetisation. Bitcoin is freely tradable currency, and has its own exchanges (including in India) where users can sign up and speculate, buy and sell Bitcoins for other currencies (such as the rupee).
 
After the cash ban, Bitcoin was quoted to be inflated 20-25 per cent over cost. As of March 2, Bitcoin was trading at Rs 90,000 to a single Bitcoin. In October 2016, this value was Rs 40,000 to a Bitcoin.
 
The question that arises then is how long can the RBI afford to adopt a hands-off approach to virtual currencies, when regulators elsewhere are adopting proactive measures?
 
The RBI's research wing, the Institute for Development & Research in Banking Technology, issued a white paper on the applications for blockchain technology in the banking and financial sectors in India in January 2017, which acknowledges the prominence of virtual currencies, but steers towards the underlying distributed ledger (blockchain) technology, rather than virtual currency regulation.
 
A large number of countries, not just in the West but in India's own neighbourhood, have either adopted or are close to adopting virtual currency regulation in some form. These include China, Russia, Singapore and the Philippines, which issued guidelines for virtual currency exchanges as recently as January.
 
Interestingly, the precursor to regulation in a number of these countries were warnings similar to those issued by the RBI. However, these warnings largely came around 2013, at a time when the understanding of the technology and the use of virtual currencies was much lesser than it is today.
 
In 2017, when users, trading and payments in these currencies are growing and maturing faster than ever, the warn-watch-wait approach simply will not work.
 
There are a number of downsides to not bringing in regulation when virtual currency use in India is still modest. Prominent among these is that regulation which kicks in when products and technologies have become systemic will invariably cause friction between regulators on the one hand, and businesses and users on the other, requiring stakeholders to make slow and possibly expensive changes to the way they transact.
 
Another issue is the key role regulation plays in consumer awareness and security. While the RBI may sleep soundly having issued its caveat emptor, given the attractive investment opportunity and ease of use and access virtual currencies offer, users are likely to throw caution to the wind and invest anyway.
 
The clear downside to this is that investors will likely fall prey to unregulated and unscrupulous Bitcoin exchanges and wallet operators (similar to a Paytm or Mobikwik, but exclusive to storing Bitcoin). Without any oversight, these operators rely on self-regulation. They could have severe gaps in data security, could charge exorbitant interest and transaction fees, and in a worst-case scenario, disappear with investor money altogether.
 
More importantly, the jury is still out on whether virtual currencies can be used to pseudonymously finance crime, including terrorism, and given the sensitive security scenario in India, it is important for the government to understand, and for the law to control, who can buy them and what they can do with them. As transactions grow, so will the chances and potential for virtual currency-related fraud.
 
Legal scholars Jack Goldsmith and Timothy Wu have said "government regulation works by cost and bother, not by hermetic seal", which appears to be the line the RBI is taking on virtual currencies.
 
With emerging technologies, however, especially those as radical as virtual currencies, governments are increasingly learning that the cost and bother of reactive regulation can be substantially greater than proactive regulation.
 
If the Indian government is serious about its cashless drive, it will have to consider virtual currencies as an integral part of the panacea being touted for our archaic economy.
 
It is up to the government and the RBI to lead the way by bringing forward-looking regulation for virtual currencies sooner rather than later, because there is already much catching-up to do.
 
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

vswami

2 months ago

Once bitten, utterly shy for lifetime ! READ a 3 year old story: https://qz.com/72277/i-moved-all-my-second-life-linden-dollars-into-bitcoin/
God forbid; one may have no, or wish to even contemplate a, personal experience ever, to loudly wonder: Is it not high time that a RED ALERT is sounded authoritatively?!

Shelby Mandumppa

2 months ago

On jan 30th,at mumbai i have deposited money till no receipt of money

Shelby Mandumppa

2 months ago

On jan 30th,at mumbai i have deposited money till no receipt of money

Shelby Mandumppa

2 months ago

On jan 30th,at mumbai i have deposited money till no receipt of money

Akash Rai

2 months ago

India system is the slowest system in the world I guess. Firstly, government banned country's biggest currency notes and now they r taking a huge amount of time for depositing money in our account. Very sad for them.

Ramananda Kumar Janamanchi

3 months ago

I have deposited old currency on Jan 25, at Chennai on my return from US on Jan 7th. Till date no release of money or no I have deposited old notes at Chennai on Jan 25th. Till date no receipt of money or intimation when we can expect. Eagerly awaiting.

Mukesh Gupta

4 months ago

The meteoric rise in value of Bit Coin is worth a concern. With demonetization, people have been buying BitCoins as a hedge as it is currently offering better returns than gold. Also comes with it some online scams. Another scam in making seems to be GainBitCoin. Another MLM company, which asks you to invest bitcoin, to get 1.8 times returns in 18 months and encourages to create network of people under them. Typical binary pyramidical scheme employed by numerous MLM companies but this one cashes on rising popularity of BitCoin. Perhaps a scam worth investigating for Moneylife team!!!

vswami

4 months ago

What is Bitcoin- is it a 'currency' as seems to have been assumed ?

In an attempt to find an answer, share below, a few tentative jottings :

Not allowing self to be lead by the nose , if not by the head, ALSO READ >

http://www.cnbc.com/…/bitcoin-price-rises-higher-than-gold-…

https://thenextweb.com/…/2017/03/03/bitcoin-worth-gold-co…/…

Upfront, to know, not all but what 'BC' is basically about, >

http://int.search.myway.com/search/GGmain.jhtml…

And, is there no tax angle, albeit premature, to be gone into ?

<> http://int.search.myway.com/search/GGmain.jhtml…

< https://bitcoin.tax/faq
<< https://bitcoinmagazine.com/…/tax-day-is-coming-a-primer-o…/
<<< Bitcoins taxed as property, not currency, IRS says
http://siliconangle.com/…/bitcoin-weekly-2014-march-26-irs…/

For a by_country overview >

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

More on search !

KEY Note: Per IRS BC is not currency but is property/intangible property ; if so, who is the regulatory authority ?

May you find an Answer HERE:

"In October 2015, a systems engineer and aspiring bitcoin entrepreneur, Theo Chino filed a New York Supreme Court lawsuit challenging the authority of the New York State Department of Financial Services to regulate bitcoin, claiming that even if the department had the authority to regulate, it utilized it in an "arbitrary and capricious" way.[154]"

But then, for India why RBI is sought to be projected as the regulatory authority ?- no clarity being readily available, still struggling to find an answer !

Over to eminent better-informed Experts at large for a study and enlightenment !
>>>>>>>>>>>>>>>>>>>>>>>>>

REPLY

Pradeep Kumar M Sreedharan

In Reply to vswami 4 months ago

Excellent, please include me in your contact list 8807790038

Pradeep Kumar M Sreedharan

4 months ago

In an anti-people, pro-elite world, when elected Govts dance to Corporates, when Corporations are People, when individuals have to counter Corporates on one to one basis, when Media is owned by corporates, etc etc then Bitcoin is a Savior. Easiest way to counter Bitcoin, is to allow it to self-destruct! Easily achieved by non-regulation. Burn the Cat with Hot Milk, and it will never come near Milk again. RBI needs to maintasin a steady supply to the Banksters with Bakaras

Mahesh S Bhatt

4 months ago

This business is more than US$560 billion card business which Cryptocurrencies ( Bitcoin/Coinsecure etal) are promoting post 2008 USA meltdown.

Idea is Governments/Banks/Property/bailouts have used taxpayers money shamelessly to bailout wrong ones & are corrupt so Engineers/VC's have comeout with Currency without Government control.

The major question is Trust in case of another Tech meltdown/who owns ( nobody that blockchain technology says which is scary).

Questions like who controls/regulates & its all speculations.

There are reported hacks of Cryptocurrency Bitcoins too & are used illegally/legally in limited avenues.

So challenges are serious there too Wait & Watch is better policy.

Mahesh Bhatt

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