GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
2-min read

Sending Couriers Abroad the New Way to Cash in Demonetised Notes

The customs department has unearthed a new modus operandi of sending demonetised Rs 500 and Rs 1,000 notes abroad by courier in a bid to get them converted later.

PTI

Updated:April 9, 2017, 9:52 AM IST
facebookTwittergoogleskypewhatsapp
Sending Couriers Abroad the New Way to Cash in Demonetised Notes
People waiting outside the RBI Building to get their invalid banknotes exchanged with new currency notes, in New Delhi (PTI Photo)

New Delhi: The customs department has unearthed a new modus operandi of sending demonetised Rs 500 and Rs 1,000 notes abroad by courier in a bid to get them converted later.

After these high denomination notes were taken out of circulation by the government in November last, Non-Resident Indians (NRIs) were given a longer window till June 30 to get them exchanged, whereas citizens who were in the country at that time were allowed to deposit the old notes till December 30, 2016.

Customs officials have registered a few cases, where demonetised banknotes were sent abroad by courier, and seized over Rs 1 lakh in such notes, a senior official said on Sunday.

People were found trying to send the old notes abroad by falsely declaring them as articles such as books, he said.

"The aim could be to take help of their relatives or friends abroad to get the old notes exchanged with the new ones," the official said.

In two cases, couriers were booked from Punjab for Australia and the content inside them were declared as book.

The customs official, who are keeping an eye on outbound parcels at foreign post office, found them having demonetised notes.

Similar consignments were booked for Korea and the United Arab Emirates containing the defunct notes. "In all, over Rs 1 lakh in old currency notes were seized from these couriers," he said.
Such cases have also been registered at foreign post offices located across the country, the official said.

After scrapping Rs 500 and Rs 1,000 notes on November 8,the government had permitted people to deposit them in banks up to December 30, 2016.

The RBI has allowed Indian citizens, who were abroad during November-December 2016, to exchange the scrapped notes up to March 31 and NRIs up to June 30.

This facility is available at RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur only.

NRIs coming to India are required to come through Red Channel disclosing to the Customs authorities at the airport the amount of the demonetised notes and secure a certificate to be tendered at the RBI at the time of exchange.

Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Infosys 1,009.55 +18.30 +1.85
Jai Corp 189.65 +28.60 +17.76
Reliance 951.10 +4.10 +0.43
Quess Corp 924.45 +66.45 +7.74
SBI 332.40 -2.55 -0.76
Company Price Change %Gain
RBL Bank 512.05 +4.25 +0.84
Indiabulls Hsg 1,171.40 +9.55 +0.82
Jai Corp 189.20 +27.85 +17.26
Indiabulls Real 207.90 -4.55 -2.14
Praj Industries 117.00 +11.25 +10.64
Top Gainers
Company Price Change %Gain
Aurobindo Pharm 715.10 +20.70 +2.98
IndusInd Bank 1,676.30 +32.95 +2.01
Infosys 1,009.55 +18.30 +1.85
GAIL 471.05 +8.15 +1.76
Bharti Infratel 380.80 +6.20 +1.66
Company Price Change %Gain
Infosys 1,009.95 +18.55 +1.87
M&M 1,434.70 +14.90 +1.05
Kotak Mahindra 1,031.10 +10.15 +0.99
Bajaj Auto 3,296.80 +34.95 +1.07
ITC 260.35 +2.20 +0.85
Top Losers
Company Price Change %Gain
Hindalco 251.65 -3.60 -1.41
Vedanta 305.90 -2.90 -0.94
SBI 332.40 -2.55 -0.76
ICICI Bank 317.20 -2.25 -0.70
UPL 744.05 -5.15 -0.69
Company Price Change %Gain
Tata Motors (D) 240.70 -2.15 -0.89
SBI 332.25 -2.65 -0.79
Hero Motocorp 3,654.65 -24.45 -0.66
ICICI Bank 317.05 -2.05 -0.64
BHEL 92.30 -0.55 -0.59

Live TV

File is:/article-scroll-new.php