Incidentally, we have about 2,000 CAs (also about 5,000 doctors, 3,000 engineers/scientists, 5,000 'faujis', 2,000 media persons) on this mailing list, so we very greatly value contributions of subject experts.
When IAC had approached RBI on 6.April 2015 (and even earlier also) requesting demonetisation of Rs. 500 notes and Rs. 1,000 notes of Mahatma Gandhi series, we did so because for FICN menace and for no other reason. We were promptly assured (repeatedly) by RBI that our demand was being seriously considered.
Thanks for your reply, I have not impugn your honesty/ integrity/ patriotism, however I admire you for your good work and salute you.
What forced me to write you that legally its correct and right that RBI has to pay to the bearer of the HDN, however if any person goes to RBI with 100 Cr, and ask for exchange or pay then also RBI will give, however he/ she has to give their identify / proof so that later various department can ask them, about how they received these currency, whether income tax was paid ? whether it was generated from illegal means etc... so its logic about it,
Yes, law is very much right that RBI has to pay, however I am not with you in this matter, whereby you wrote that you will not give your identify as it will motivate the people, who are having black money and they can move to the court, so I write you not to raise such issue
Thanks with Best Regards
CA Chitranjan Bharadia