Seized demonetised notes: Claimants can get new notes by showing seizure memo, court order

Government sources told The Indian Express that old currency was kept in the ‘maalkhana’ of various agencies as case property across the country.

Written by Alok Singh | New Delhi | Published:June 10, 2017 3:07 am
demonetisation, old note ban, note ban, note seizure, rs 500 ban, rs 1000 ban, demonetised note seizure, indian express news, india news, economy A government official said that a notification issued on May 12 clarified that old notes seized before December 30, 2016 can be deposited or exchanged with the RBI by the concerned party by showing a court order or seizure memo. (Representational image)

With seized old notes of Rs 500 and Rs 1,000 denomination stuck as court property with enforcement agencies, the finance ministry has issued a notification stating that applicants can get their money in new currency notes by showing the court order and seizure memo of the concerned enforcement agency to the Reserve Bank of India (RBI).

Government sources told The Indian Express that old currency was kept in the ‘maalkhana’ of various agencies as case property across the country. In some cases, after demonetisation, claimants got the notes in old currency despite court orders. Sources said this was because the agencies could not exchange old currencies before March 31, 2017.

A government official said that a notification issued on May 12 clarified that old notes seized before December 30, 2016 can be deposited or exchanged with the RBI by the concerned party by showing a court order or seizure memo.

The serial number of the seized notes, that are to be exchanged, should have been noted by the law enforcement agency or produced before the court. The government has also allowed exchange of old notes forfeited in favour of the Centre or state governments. The notification says that where the notes “confiscated or seized by law enforcement agencies or produced before a court on or before December 30, 2016, such specified bank notes may be tendered, at any office of the RBI specified under sub-section (1) of section 4 of the Act or a nationalised bank designed by the RBI for the said purpose…”

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  1. R
    Rajaram V.V.
    Jun 11, 2017 at 10:45 am
    When will this issue of demonitized noted cease? With about 30 shortfall due to nonavailability of notes, not only the country is suffering but also tourists to foreign countries from India. None of the PSU banks keep their ATMs open after 6pm in Darjee . In Nepal, foreign current cannot be exchanged for Indian rupee due to shortage of Rs100 notes. Here, the new ₹500&₹2000 notes are still not accepted by money exchangers or banks. Totally, the demonetization is a total flop. The banks are squeezing the public whenever they use the debit/credit cards for purchase of petrol with the conniving support of Jaitely
    Reply