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

1 month 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

1 month ago

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Deepak Sahu

1 month ago

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

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1 month ago

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1 month ago

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1 month ago

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1 month ago

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1 month ago

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Venkat Jamalamudi

1 month ago

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Hirdesh Rana

1 month ago

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1 month ago

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kailash patel

1 month ago

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Meena Iyer

1 month 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

1 month ago

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REPLY

Tariq Bin Ziyad 88013072

In Reply to Roopesh Amin 1 month ago

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In Reply to Roopesh Amin 1 month ago

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Madathil Rajendran Nair

In Reply to Roopesh Amin 1 month 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 1 month ago

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Kaur Pervinder

1 month ago

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

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

Ruchita Bhandari

2 days ago

My mail id is ruchitabhandari17@gmail.com. Thanks

Ruchita Bhandari

2 days ago

I have deposited INR 18000 on 25 February 2017 at RBI Mumbai. Till date i have not received any communication from RBI. Please also add me in your mailing list.

Rajendra Shah

7 days ago

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Yash Kumar Chawla

7 days ago

I deposited INR 35500 in old currency on 23rd February,2017 at RBI Mumbai, during my visit to India but have not received anything so far.

Sujit Patra

1 week ago

I had deposited on 14th March 2017 at Mumbai RBI. As on date i haven't got credit in my account.

Avinash Palande

1 week ago

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Azad Battula

2 weeks ago

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Ajay Govind

4 weeks ago

I also want to be added in whatsapp grp....My number 8082660339..for my friend....Name : Nalini Vellaswamy ...... Deposited 25K on Feb 8th...@ RBI Mumbai...

Kaif Khan

1 month ago

Mera name kifayatullah khan hai.mai dubai 3 may 2017 ko gya tha mere pass 3000 rupya tha return mai 14 january ko wapas aaya to delhi airport pe red channel se 3000 ka paper banwa ke mumbai me rbi me 10 april 2017 ko jama kiya sara document ke sath but abhi tak mere ac me refund mony nahi aaya aaplog suggest kijiye mera paisa kab or kaise refund hoga mera mob no- 7762019230 hai plz add me this group and give me suggest

Giga Mehdi

2 months ago

I had deposited old notes. Still recover in my accounts

Rahul Mishra

6 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

Ritesh Mishra

2 weeks ago

Hi, Could you please add my number +818088314046

Leela Mohan Reddy

4 weeks ago

I hav deposited 91500 rs in RBI chennai on march 27. Till now I didn't get any msg r call to my numb. Plz let me know when my money is going to b credited. My numb 9000965559.

Ramananda Kumar Janamanchi

2 months ago

I am also still waiting for RBI to release amount due to me for old notes deposited at Chennai o Jan 27, 2017.

Wency FerrAo

2 months ago

I had deposited old notes with RBI in March 2017. I would like to know when will RBI credit our money.

vswami

3 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

3 months ago

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

Shelby Mandumppa

3 months ago

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

Shelby Mandumppa

3 months ago

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

Akash Rai

4 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

5 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.

REPLY

rajesh vaka

In Reply to Ramananda Kumar Janamanchi 1 month ago

Sir. Did u get ur money ??

Ramananda Kumar Janamanchi

In Reply to rajesh vaka 4 weeks ago

No. Not yet.

Mukesh Gupta

6 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

6 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 6 months ago

Excellent, please include me in your contact list 8807790038

Pradeep Kumar M Sreedharan

6 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

6 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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