Thursday, November 24, 2016

RE: [IAC#RG] Public Query on Demonetisation of Rs. 500 and Rs. 1000 OHD

Dear Sarbajit


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


From: [] On Behalf Of Sarbajit Roy
Sent: 24 November 2016 13:01
To: indiaresists
Subject: Re: [IAC#RG] Public Query on Demonetisation of Rs. 500 and Rs. 1000 OHD


Dear CA Chitaranjan

1) Please do not impugn my honesty or integrity or patriotism, without basis. Furthermore, we circulate as many honest and reasonably argued emails, irrespective of their contents or who writes them, as we can.

2) You surely must have studied enough law to become a CA

3) The RBI issues currency notes on behalf of the Govt. of India. These promissory notes constitute the sovereign debt of Govt of India.

4) When these bearer promissory notes were issued, under RBI Act, the sovereign statutory liability cannot be UNILATERALLY extinguished or restricted.

5) At no time while issuing these BEARER promissory notes was there any requirement that they would only be exchanged against identity proof.

6) Kindly note the legal position, the RBI is obliged in law to exchange all notes tendered to it into lower denom notes or coins to any bearer.


What is the meaning of "I promise to pay" clause?

As per Section 26 of Reserve Bank of India Act, 1934, the Bank is liable to pay the value of banknote. This is payable on demand by RBI, being the issuer. The Bank's obligation to pay the value of banknote does not arise out of a contract but out of statutory provisions.

The promissory clause printed on the banknotes i.e., "I promise to pay the bearer the sum of Rupees …" is a statement which means that the banknote is a legal tender for the specified amount. The obligation on the part of the Bank is to exchange a banknote with bank notes of lower value or other coins which are legal tender under the Indian Coinage Act, 2011, of an equivalent amount.

7) No restrictions on note exchange can be imposed UNILATERALLY by RBI on instructions of Govt. unless there is a declared NATIONAL EMERGENCY for which force-majeure clauses can be invoked in commercial contracts.

8) Is there any blanket moratorium notified on payment of debts ?

9) Anyway after IAC / India Fights Corruption has very forcefully (and silently) pursued Mr. Modi on these queries, we can say with authority that in a few days Rs. 100 notes will be freely available at all urban banks. These are being flown in from abroad in SECRET Chartered flights.

10 ) Everything we do , we do for our membership, and we are very transparent and very very unlike nautankibaazes like Mr. Arvind Kejriwal or Mr. Modi.


Pradhancharya, Hindu Samaj of India


On Thu, Nov 24, 2016 at 11:03 AM, CA Chitranjan Bharadia <> wrote:

Dear Sarbajit


I am very much surprised to receive your above letter written to Governor and other persons, whereby you told that amount should be paid to you, as RBI has promised to pay you, its right so they can exchange your note from new notes, which are valid currency, however you have mentioned that you don't want to show/ provide your identity, which has doubt about your intension,


Whether you wish to support the persons, who are having black money, why you are raising such issue that you will not provide your identification ? r u afraid or you are having black money ?


When you are doing great work through various issues, however we not agree with you in this move, why you wish to raise such issue, that will give strength to the persons, who are having black money ? I am surprised that you are writing such letters ( now we are suspicious about your intentions) towards Indian Fight Corruption   campaign


Why are you afraid to give your identity, when it is genuine and you earned it though genuine means.


Hope you will circulate this mail to everyone.


Thanks with Best Regards


CA Chitranjan Bharadia



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