RMA col­lects old high de­nom­i­na­tion INR 500, 1,000

Bhutan Times - - Home - Lhakpa Tsh­er­ing

The Royal Mon­e­tary Au­thor­ity (RMA) has no­ti­fied the pub­lic to de­posit 500 and 1,000 de­nom­i­na­tion In­dian Ru­pee notes in ac­cor­dance with a press re­lease from the Re­serve Bank of In­dia (RBI) on 8 Novem­ber 2016.

The Gov­ern­ment of In­dia (GOI) has an­nounced the with­drawal of le­gal ten­der sta­tus for Rs. 500 and Rs. 1,000 de­nom­i­na­tions ban­knotes of Ma­hatma Gandhi Se­ries is­sued by the RBI till 8 Novem­ber, 2016.

To min­i­mize in­con­ve­nience, RMA of Bhutan states that the old high de­nom­i­na­tion INR bank notes can be de­posited into personal bank ac­counts till the close of business hours on 15 De­cem­ber, 2016.

It is no­ti­fied that to en­able the RMA to col­lect and sur­ren­der the notes to the RBI through the State Bank of In­dia by 30 De­cem­ber, 2016.

It is also no­ti­fied that a per­son can ex­change a bank note of any de­nom­i­na­tion hav­ing le­gal ten­der char­ac­ter by pro­vid­ing a req­ui­si­tion slip as per the for­mat spec­i­fied by RMA.

How­ever, old high de­nom­i­na­tion INR bank notes of ag­gre­gate value of Rs. 10,000 and below held by a per­son can be ex­changed at any bank branches.

The Bank of Bhutan has spec­i­fied that the ex­change of INR with Ngul­trum would be en­ter­tained only in the branches where there are fake note de­tect­ing ma­chines.

The GOI de­cided to with­draw the le­gal ten­der of Rs 500 and 1000 notes to curb the fi­nanc­ing of ter­ror­ism through fake In­dian cur­rency notes and use of such funds for sub­ver- sive ac­tiv­i­ties and other con­tra­bands into In­dia, and to elim­i­nate black money.

A press re­lease has stated that fake cur­rency notes in cir­cu­la­tion in these 500 and 1,000 de­nom­i­na­tions is com­par­a­tively larger as com­pared to those in other de­nom­i­na­tions.

The limit of Rs. 10,000 for ex­chang­ing old high de­nom­i­na­tion INR bank notes at bank branches is ex­pected to be re­viewed af­ter 15 days with an ap­pro­pri­ate no­ti­fi­ca­tion to the pub­lic.

Cash with­drawal from a bank ac­count over the counter is re­stricted to Rs. 10,000 per month.

There is no re­stric­tion on the use of any non­cash method of op­er­at­ing the ac­count that in­cludes cheques, de­mand drafts, credit cards, and elec­tronic fund trans­fer mech­a­nisms.

In­di­vid­u­als who re­quire more than INR 10,000 can avail them­selves of INR pre­paid card fa­cil­ity made avail­able in the banks.

In the mean­time, hun­dreds of peo­ple are rush­ing to RMA of­fice to ex­change old high de­nom­i­na­tion INR 500 and INR 1,000 with Ngul­trum.

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