Demonetisation - A Year After. Old notes: Do you keep them or trash them?

“These notes are just junk now. I was told that I can either throw them away as raddi (rubbish) or keep them and hope that the government listens to my request,” says Manpreet Singh, 32, who flew in recently from Sydney, making to a trip to Ludhiana, his hometown, before heading to New Delhi. Singh has about ₹1 lakh in the old ₹1,000 and ₹500 notes.

Yes, he did know there were deadlines for exchanging the notes, but he could not get away from work to visit India.

The frustration is clearly visible on his face. “This is my money, not stolen from anybody. I have paid my taxes. Yet, it has no value now,” he rues .

A year after Prime Minister Narendra Modi’s momentous decision, the serpentine queues outside the RBI are no longer there. Yet, many people who missed out on exchanging their notes are still seeking an audience with the RBI, whose regional offices nationwide were earlier authorised to accept old currency.

“There is no queue now, but 10-15 people still come to exchange notes every day,” says a person familiar with the development. “Most are turned away from the gates while others manage to meet some official but are still told that there is no facility to get the notes exchanged.”

Demonetised notes could be exchanged at bank counters and post offices till November 25, 2016, and at RBI offices till December 30.

A special grace period was also given for resident Indians till March 31, 2017, and for non-resident Indians (Indian passport holders) till June 30, 2017.

“People had sufficient time to exchange their cash. That window is now over. There is nothing that can be done for such cases,” says a senior government official. A questionnaire sent by BusinessLine to the RBI on the issue did not elicit a response.

The Centre promulgated the Specified Banknotes (Cessation of Liabilities) Ordinance, 2016 on December 30. In February this year, the ordinance was replaced by an Act of Parliament. This means the demonetised notes are no longer a liability of the RBI, nor do they have the guarantee of the Centre.

Further, possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics purpose, is a criminal offence.

The Supreme Court has referred petitions to deposit demonetised notes to a five-judge Constitution Bench that is also looking into the validity of the note-ban exercise.

Meanwhile, those who still possess ‘old’ notes are in no hurry to junk them.

While some are holding on to them as souvenirs, others hope to exchange them at some point in time.

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