Thursday, December 22, 2016

[IAC#RG] Complaint on SBN currency withdrawal scheme

The Secretary,
Dept of Economic Affairs
Govt. Of India

copy to:
a) The Governor / Reserve Bank of India
b) Cabinet Secretary / Govt.of India

Respected Sirs,

I am writing to you since my PSU bankers M/s Andhra Bank have only been able to arrange currency for me to withdraw Rs. 2,000 in the past fortnight against my entitlement of Rs 48,000 for this period despite my regularly visiting my branch for cash withdrawal during working hours. Furthermore, my bank has not been able to issue me a cheque book for over 3 weeks now so that I can pay my regular bills and dues by withdrawals. Accordingly I apprehend that my remaining cash supply limit has been used for money laundering purposes as detailed below.

In this connexion, I refer to the news report dt. 19.Dec.2016 in India's leading financil daily "The Economic Times" headlined as "Aam Aadmi waiting, while 'change' agents converting Rs 1 crore in 1 hour" accessible at URL

This as yet unrebutted news report clearly indicates that unscrupulous professionals within the banking system are converting old series SBN notes into new against discount/commissions about 10%.

Also, by letter dt. 14 December 2016 the Indian National Bank Employees Federation has complained to you that PSU Banks are being supplied far fewer notes in comparison to their branches and depositor numbers so that certain favoured Private Sector Banks like ICICI, HDFC and Axis Banks can carry out such money laundering. The Federation has specifically called for a thorough inquiry into the functioning of the Currency and Issue Departments of RBI to restore faith of public in Public Sector Banks.

I would therefore appreciate receiving a clear reply on the following aspects

1) If RBI had been regularly supplying adequate replacement currency notes to the PSU Banks like M/s Andhra Bank to fulfil a citizen's basic cash entitlement of Rs.24,000 per week

2) If our unutilised cash withdrawal limits (ie. presently about Rs. 46,000 in my case) will be carried forward, or not so that we can get out our blocked money by 31st Dec 2016 as promised by Shri Modi.

3)  If our unutilised cash limits are not being carried forward, the account of who has received our cash entitlement/s which was sent from RBI, ie. if they were sent at all by RBI.

I would hope and expect that the Govt of India itself investigates my concerns diligently instead of merely acting as a post office for forwarding my complaint to Andhra Bank for special treatment.


Sarbajit Roy
National Convenor
B-59 Defence Colony
New Delhi 110024
Tel : +91-8010205897

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