<b>Letters</b>: Give an extension

Prime Minister Narendra Modi and some other ministers are on record saying that there was no need to rush to banks to exchange or deposit the scrapped Rs 500 and Rs 1,000 notes. These notes could be deposited or exchanged at banks till December 30, 2016, and thereafter, up to March 31 this year at specified Reserve Bank of India (RBI) offices. Para IX of a GoI (government of India), MoF (ministry of finance) notification dated November 8, 2016, and para 3 (c) VIII of RBI, DCM letter also dated November 8 addressed to all banks say that any person who is unable to exchange or deposit the SBNs (specified bank notes: the scrapped Rs 500 and Rs 1,000 notes) in her bank account on or before December 30, 2016, shall be given an opportunity to do so at specified offices of the RBI or such other facility until a later date as may be specified by it.

However, the instructions issued by the RBI (subsequent to issue of ordinance) deny the resident Indians, who were not outside India from November 8 to December 30, 2016, to exchange SBNs at RBI offices from December 31. The authorities concerned, the government of India and the RBI should not act against the trust reposed in them by the people. The PM and finance minister must introspect and direct the RBI to accept SBNs till March 31, as stated in the government notification and RBI letter. It would definitely bring a sigh of relief to those who still have the scrapped notes.

Ramanath Nakhate, Mumbai

---

Letters can be mailed, faxed or e-mailed to: 

The Editor, Business Standard

Nehru House, 4 Bahadur Shah Zafar Marg 

New Delhi 110 002 

Fax: (011) 23720201·  E-mail: letters@bsmail.in

All letters must have a postal address and telephone number