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Let us make the space we share better and bring the change we desire. Author is Indian Muslim, a Public Figure, Social Activist, Blogger and Media Personality. On mission to build a givers world rather than takers.

“Every One Who Has 500 1000 Notes Cannot be Painted Black Money Hoarder” SC to Check the Legality of Banning Currency.

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The Supreme Court on Tuesday directed the Central government to take steps to ensure that the common man was not burdened by its decision to discontinue old Rs 500 and 1000 notes. “Discontinuing of higher denomination notes appears to be carpet bombing and not surgical strike,” the bench said.

Demonetisation: Do Not Stack Cash At Homes, MoF Appeals To Public

The Apex Court was hearing a clutch of petitions demanding the roll back of the government’s decision to scrap the old notes. The bench asked the government to file an affidavit to justify its notification and the steps it has taken to ensure people have enough liquidity. Refusing to stay the government’s move for the time being, the court said that it will examine the legal validity of the notification and then take a decision. The bench also said that not everyone who had Rs 500 and 1000 notes “can be painted as a black money hoarder”.

Attorney General Mukul Rohatgi informed the bench that Rs 3.25 lakh crore were deposited in the banks since November 10 and Rs 11 lakh crore would be added in the next few days. The hearing has been adjourned to November 25.

Meanwhile, Economics Affairs Secretary Shaktikanta Das addressed the media on Tuesday and said banks will be using indelible ink to track unscrupulous people who are making multiple visits to the bank counters.

In an email to TOI, RBI said that its guidelines only require customers to present and show valid proof, the photocopies are not required. A senior official of the State Bank of India confirmed the same: “The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document,” he said.
Yet most bank branches, including several of SBI, have been insisting on photocopies, which has added to lengthening of queues at the branches. Some branches have offered to copy the document in the branch when customers turn up with only the original copy of their identity.

A few banks are having a dual approach. “While other banks might ask customers, coming to exchange money to submit photocopies, we are not doing so. For our bank customers we already have their KYC details, so there is no point in asking them for identification or proof again,” said A Vidyasagar, COO, Lakshmi Vilas Bank. “For non-bank customers we do get photocopies, but we ask them to sign their names with date, purpose and bank branch,” he added.
The gazette notification withdrawing the old high denomination notes from circulation issued on November 8 had said that people can exchange notes at any bank by submitting a requisition slip and proof of identity.

© The Indian Express Online Media Pvt Ltd

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This entry was posted on November 15, 2016 by in Uncategorized and tagged , , , .

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