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Circulaire sur les Billets de Banque Spécifiés/ Circular on Specified Bank Notes

AMBASSADE DE L’INDE - ANTANANARIVO

CIRCULAIRE

Comme le savent les personnes d'origine indienne et les Indiens non résidents, le Président de l'Inde a approuvé la promulgation de l'ordonnance 2016 sur les cessions de passifs des Billets de Banque spécifiés aujourd'hui, soit le 30 décembre 2016.

L'ordonnance fait suite à la décision prise par le gouvernement de l'Inde d'annuler le caractère légal de la série de billets existants, le 8 novembre 2016, dans les dénominations de 500Rs. et 1000 Rs.(Billets  de Banque Spécifiés-SBN) en circulation.

 Les objectifs principaux de l'ordonnance sont les suivants: (i) fournir la clarté et la finalité à la responsabilité de la Banque de réserve de l'Inde et du gouvernement de l'Inde pour les SBN; (ii) offrir une occasion aux personnes qui n'ont pas été en mesure de déposer les SBN dans le délai imparti; Et iii) déclarer illégales la détention, le transfert ou la réception de SBN, avec des dispositions relatives à la sanction pour infraction à l'une des  dispositions quelconque  de l'ordonnance.

Cette décision fait suite à un certain nombre de mesures prises pour éliminer la menace de l'argent non comptabilisé dans l'économie, y compris la mise en place d'une équipe d'enquête spéciale (SIT); Promulguer une loi concernant les revenus et avoirs étrangers non divulgués; Modifiant les accords d'évasion fiscale double entre l'Inde et Maurice et l'Inde et Chypre; établir une entente avec la Suisse pour obtenir des renseignements sur les comptes bancaires détenus par les Indiens auprès de HSBC; Encourager l'utilisation de paiements en espèces et numériques; Amendements à la Loi sur les transactions Benami; Et la mise en œuvre du système de déclaration des revenus de 2016. Il s'agit d'un mouvement en ligne avec les initiatives du gouvernement visant à freiner l'argent non comptabilisé dans le système, le blanchiment d'argent et l'évitement fiscal.

Pour le 30 Décembre 2016, une partie des billets de banque spécifiés (SBN) sont retournés à la Reserve Bank of India et font maintenant partie du système financier formel, augmentant la base de dépôts des banques et améliorant leur capacité à prêter . Les gens ont également adopté et continuent d'adopter différentes formes de paiements numériques. L'écosystème de l'infrastructure de paiements numériques est continuellement amélioré et renforcé afin de faciliter l'adaptation de ce type de paiement à un plus grand nombre de personnes.

Comme cela a été notifié le 8 novembre 2016, les personnes qui ne pouvaient pas échanger ou déposer les SBN dans leurs comptes bancaires au plus tard le 30 décembre 2016 ont la possibilité de le faire. En conséquence, cette facilité a été accordée à tous les citoyens indiens qui se trouvaient en dehors de l'Inde depuis le 9 novembre 2016 au 30 décembre 2016 pour soumettre ces SBN aux bureaux d'émission spécifiés de RBI jusqu'au 31 mars 2017. Pour les citoyens de l'Inde qui ne sont pas Résidant en Inde, cette mesure sera en vigueur  jusqu'au 30 juin 2017 afin de leur donner suffisamment de temps pour planifier une visite selon leur convenance.

            Cette mesure susmentionnée serait assujettie aux règlements de la notification intitulée «Règlement sur la gestion des devises étrangères (exportation et importation de devises), 2015. En vertu de ce règlement, la restitution de cette monnaie au pays est limitée à 25 000 roupies par personne. Des dispositions distinctes de FEMA s'appliquent aux personnes au Népal et au Bhoutan qui continueraient à s'appliquer.

 Au moment du retour en Inde, le nombre et les dénominations du SBN devront être déclarés aux autorités douanières aux aéroports et aux autres points d'entrée. La forme nécessaire à cette déclaration sera donnée par la CBEC. Les détails de la déclaration et les déclarations qui doivent être soumis avec les SBN au moment du dépôt dans les bureaux d'émission de RBI seront annoncés séparément par RBI. Toute fausse déclaration entraînera une amende de Rs. 50 000 ou cinq fois le montant de la valeur nominale de la soumission proposée, selon la plus élevée de ces deux valeurs.

            Une fois la période de change terminée, les engagements de la Banque de réserve et la garantie du Gouvernement central à l'égard des billets de banque spécifiés seront éteints. De plus, pour empêcher toute transaction parallèle continue avec les SBN par des éléments sans scrupules, après cette période, la détention, le transfert et la réception de SBN entraîneront une amende de Rs.10, 000 ou cinq fois le montant de la valeur nominale du SBN impliqué dans la contravention, Selon la valeur la plus élevée.

La réponse détaillée aux FAQ préparée par la Banque de Reserve de l’Inde sur le sujet susmentionné se trouve en bas
 

Bureau de presse

Gouvernement de l'Inde

Ministère des finances


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EMBASSY OF INDIA - ANTANANARIVO

CIRCULAR 

          As the Persons of Indian Origin and Non Resident Indians may be aware, the President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today i.e. on 30th December, 2016.

The Ordinance is a follow-up to the decision taken by the Government of India to cancel the legal tender character of the existing series of banknotes, as on November 8, 2016, in the denominations of Rs.500 and Rs.1000 (Specified Bank Notes-SBNs) in circulation.

 The main objectives of the Ordinance are (i) to provide clarity and finality to the liability of the Reserve Bank of India and the Government of India for the SBNs; (ii) to provide an opportunity to those persons who were unable to deposit the SBNs within the time provided; and (iii) to declare holding, transferring or receiving SBNs as illegal, with provisions for penalty for contravention of any of the provisions of the Ordinance.

This decision follows a number of steps taken to eliminate the menace of unaccounted money in the economy including setting up of a Special Investigation Team (SIT); enacting a law regarding undisclosed foreign income and assets; amending the Double Taxation Avoidance Agreements between India and Mauritius and India and Cyprus; reaching an understanding with Switzerland for getting information on Bank accounts held by Indians with HSBC; encouraging the use of non-cash and digital payments; amendments to the Benami Transactions Act; and implementation of the Income Declaration Scheme 2016. It is a move in line with the government’s initiatives to curb unaccounted money in the system, money laundering and tax avoidance. 

As on 30th December, 2016 a part of the Specified Bank Notes (SBN) have come back to the Reserve Bank of India and these are now a part of the formal financial system, increasing the deposit base of the banks and improving their ability to lend. People have also embraced and are continuing to adopt different digital forms of payments. The ecosystem of digital payments infrastructure is continually being improved and strengthened to make it easier for more people to adapt to this form of payment.

As was notified on 8th November, 2016 those persons who were unable to exchange or deposit the SBNs in their bank accounts on or before 30th December, 2016 shall be given an opportunity to do so. Accordingly, this facility has been granted to all Indian citizens who were outside India from 9th November, 2016 to 30th December, 2016 to tender these SBNs at the specified Issue Offices of RBI until 31st March, 2017. For those citizens of India who are not resident in India, this facility would be available till June 30, 2017 in order to allow them adequate time to plan a visit as per their convenience.

            The above facility would be subject to the regulations of the notification “Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these Regulations bringing back such currency into the country is restricted to Rs.25,000/- per person. Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply.

 At the time of return to India the number and denominations of the SBN will need to be declared to the Customs authorities at the airports and other entry points. Necessary form for such declaration will be given out by the CBEC. The details of the declaration and statements that are required to be submitted along with the SBNs at the time of deposit in RBI Issue Offices will be separately announced by RBI. Any false declaration will invite a fine of Rs. 50,000 or five times the amount of the face value of the SBN tendered, whichever is higher.

            After the period of exchange is over, the liabilities of the Reserve Bank and the guarantee of the Central Government towards the Specified Bank Notes will stand extinguished. Further, to prevent any continued parallel transactions with the SBNs by unscrupulous elements, after this period, holding, transferring and receiving SBNs will attract a fine of Rs.10,000 or five times the amount of the face value of the SBN involved in the contravention, whichever is higher.

 

Press Information Bureau 
Government of India
Ministry of Finance

 

N.B : Detailed response to FAQ prepared by Reserved Bank of India on the above mentioned subject is placed below 

 

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FREQUENTLY ASKED QUESTIONS


Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ? 500 and ? 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016

(Updated as on January 04, 2017)

1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ? 500 and ? 1000 introduced?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw legal tender character of the old Bank Notes in the denominations of ? 500 and ? 1000 was introduced.

2. What is this scheme?

The legal tender character of the bank notes in denominations of ? 500 and ? 1000 issued by the Reserve Bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. The Specified Bank Notes (SBNs) were allowed to be exchanged for value at RBI Offices till December 30, 2016 and till November 25, 2016 at bank branches/Post Offices and deposited at any of the bank branches of commercial banks/Regional Rural Banks/Co-operative banks (only Urban Co-operative Banks and State Co-operative Banks) or at any Head Post Office or Sub-Post Office during the period from November 10, 2016 to December 30, 2016.

The facility for exchange / deposit of SBNs stands closed with effect from December 31, 2016.

3. What is the Specified Bank Notes (Cessation of Liabilities) Ordinance 2016?

The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 has been promulgated by the President of India (GoI Ordinance No. 10 of 2016 dated December 30, 2016) to provide for cessation of liabilities on the Specified Banknotes and for connected/incidental matters and comes into effect from December 31, 2016. In terms of this ordinance, with effect from December 31, 2016, the Specified Bank Notes shall cease to be the liabilities of the Reserve Bank of India and shall cease to have the guarantee of the Central Government.

A grace period has been provided during which the Specified Bank Notes can be deposited at five RBI Offices (Mumbai, New Delhi, Chennai, Kolkata, and Nagpur) in accordance with this Ordinance by Indian citizens who make a declaration that they were outside India between November 9 and December 30, 2016, subject to conditions or any class of persons for reasons that may be specified by notification by the Central Government.

The Reserve Bank, if satisfied after making the necessary verifications, that the reasons for failure to deposit the notes till December 30, 2016 are genuine, will credit the value of notes in the KYC (Know Your Customer) compliant bank account of the tenderer.

Holding the specified banknotes (SBNs) for the purpose of deposit by Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 is permissible during grace period. With effect from January 2, 2017 Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017. While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations. In terms of Section 6 of the Ordinance, whoever knowingly or wilfully makes any false declaration shall be punishable with a fine which may extend to 50,000 INR or five times the amount of the face value of the SBNs tendered whichever is higher. Any person aggrieved by the refusal of the Reserve Bank to credit the value of notes as mentioned above may make a representation to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him/her.

In terms of Section 5 of the Ordinance, from December 31, 2016 no person shall knowingly or voluntarily hold, transfer or receive any specified banknotes. After the expiry of grace period, holding of not more than 10 notes in total, irrespective of denomination or not more than 25 notes for the purpose of study/ research/ numismatics is permitted. In terms of Section 7, contravention of Section 5 shall be punishable with fine which may extend upto 10,000 INR or five times the face value of the SBNs involved in the contravention, whichever is higher.

In case the contravention/default in terms of Sections 6 and 7 is by a company, every person who was in charge of and responsible to the company at the time of contravention/ default shall deemed to be guilty and will be liable to be proceeded against and punished. If the offence is proved to be attributable to the conduct by any director/manager/secretary/officer/employee of the company, such person shall also be deemed to be guilty of the offence and will be liable to be proceeded against and punished accordingly.

4. How can NRIs and the Indian citizens who were abroad exchange the SBNs?

In terms of Paragraph 4.1 of the GoI Ordinance No. 10 of 2016 dated December 31, 2016 on “The Specified Bank Notes (Cessation of Liabilities), a facility for exchange of SBNs is made available for the resident and non-resident citizens who could not avail the facility from November 10 to December 30, 2016 on account of their absence from India during the aforementioned period. The facility will remain open for residents from January 2, 2017 to March 31, 2017 and for NRIs from January 2, 2017 to June 30, 2017 at five Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

The facility can be availed only in individual capacity and only on one occasion during the period. No third party tender is permissible under the facility.

This facility will not be available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh.

The details of the facility including terms/ conditions and modalities thereof are available in our circular DCM (Plg) No 2170/10.27.00/2016-17 dated December 31, 2016.

5. Is the facility for exchange of SBNs by NRIs available outside India?

No. For NRIs the facility is available from January 2, 2017 to June 30, 2017 at five Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. The limit of exchange for NRIs will be as per the relevant FEMA Regulations.

6. Is the facility available to Overseas Citizens of India (OCI)/Persons of Indian Origin (PIO)?

No, the facility is not available to OCIs/PIOs.

7. Is the facility available to resident Indians?

No, the facility is not available to all resident Indians, but only to those who were not in India during the period November 9, 2016 to December 30, 2016.

8. How much amount can I withdraw from an ATM?

The daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing ? 2500/- to ? 4500/- per day per card. There is no change in weekly withdrawal limits.

9. What are the withdrawal limits for JDY account holders?

A JDY account holder can avail the deposit facility till December 30, 2016 subject to the caps and other laid down limits in accord with norms and procedures.

With a view to protecting the innocent farmers and rural account holders of PMJDY from activities of money launderers and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after November 09, 2016. As a temporary measure, the banks have been advised that:

(1) Fully KYC compliant account holders may be allowed to withdraw ? 10,000 from their account, in a month. The branch managers may allow further withdrawals beyond ?10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on the bank’s record.

(2) Limited or Non-KYC compliant account holders may be allowed to withdraw ? 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of ? 10,000.

10. Does the limit of ?24,000 withdrawal apply to withdrawals from bank account of one bank from another bank?

These limits are not applicable to cash withdrawal from a bank account by one bank from another bank, Post Office, Money Changers operating at International airports and operators of White Label ATMs. The branches maintaining Currency Chests have been advised to accommodate the requests from other branches in their vicinity – linked or otherwise – for supply of cash.

11. What are the withdrawal limits in case of DCCBs?

District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ? 24,000 per week. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on need.

12. Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to a weekly limit of ? 24000 (including withdrawals from ATMs and over the counter) from the bank accounts.

Business entities having Current Accounts which are operational for last three months or more will be allowed to draw ? 50,000 per week. This can be done in a single transaction or multiple transactions. This facility has been extended to Overdraft and Cash Credit accounts and traders registered with the Agricultural Produce Market Committee (APMC) markets or mandis. Accordingly, holders of current/overdraft/cash credit accounts, which are operational for the last three months or more, may withdraw upto ? 50,000 in cash, in a week. Such withdrawals may be disbursed predominantly in ? 2,000 denomination bank notes. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. Farmers are allowed to draw upto ? 25,000 per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms.

13. Can I make use of electronic (NEFT/RTGS /IMPS/Internet Banking/Mobile banking, etc.) mode?

You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/non-cash mode of payment. In order to meet the transactional needs of the public through digital means, additional measures have been introduced by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs).

14. What is being done for the farmers?

Farmers are allowed to draw upto ? 25,000 per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms.

Towards ensuring unhindered farming operations during the Rabi crop season, NABARD would be utilizing its own cash credit limits up to about ? 23,000 crore to enable the DCCBs to disburse the required crop loans to PACS and farmers. Banks with currency chests have been advised to ensure adequate cash supply to the DCCBs and RRBs. Adequate cash supply should also be ensured for rural branches of all commercial (including RRBs). Bank branches located in APMCs may also be given adequate cash to facilitate smooth procurement.

15. Where can I get more information on this scheme/ ordinance?

Further information is available on our website (www.rbi.org.in) and the website of the Government of India (www.finmin.nic.in)

Also see:

All You wanted to know from RBI about: Withdrawal of Legal Tender Status of ? 500 and ? 1000 Notes

16. If I have a problem, whom should I approach?

You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944



Election Commission of India: Special provisions for Non-Resident Indians


Under Section - 20 A of Registration of People Act, 1950, citizens of  India residing outside India who have name registered in electoral roll of his/her constituency shall be allowed to vote at an election in the constituency.
All Indian voters abroad can make an application in Form 6 A for being registered in the electoral roll.
Form 6-A for registration in the electoral roll along with guidelines for the applicants.