Bravo, bang on target. Regards. Binupeterdelhi@gmail.com peter
On 20 Dec 2016 11:14 am, "Madhav Nalapat" <mdnalapat@gmail.com> wrote:
Excellent post,Sarbajit
Sent from my iPhoneI wish to bring it to your notice that my bankers, M/s Andhra Bank having branch at Sector 4 Dwarka New Delhi have been not been able to supply me even 1 rupee in currency or coin against my entitlement of Rs. 24,000 in the past week despite my making over 4 trips to the bank during working hours in past 1 week. I have also complained to you that whatever few notes are being received by this branch are being stuffed into the ATM machine where they are extracted at night mostly by professional operators with multiple cards of private banks and SBI.Reserve Bank of IndiaTo:The Governor,cc: Cabinet Secretary to the Government of IndiaKind attn: Mr. Urjit Patel (Governor RBI)
Sir,Kindly refer to my several emails addressed to you and also sent to the designated email ID under the SBN withdrawal scheme announced on 8.Nov.2016.
It is a matter of concern that I have not received any reply from the issuer Bank (Reserve Bank of India) or its Governor intimating how I can exchange my SBN notes for lower denomination notes or coins which are legal tender as you are obliged to do by virtue of section 39 RBI Act 1934.Furthermore it seems that RBI has issued secret instructions that all withdrawals from PSU bank accounts are to be severely throttled by hook or by crook till 31st Dec 2016 on account of Basel provisions for reprovisioning the hollow and eroded PSU banks like M/ Andhra Bank who have massive NPAs which are being window dressed for recapitalisation through this demonetisation exercise. As a result, the Andhra Bank is unable to even issue me a cheque book for which my request is pending for about 21 days now.The above scenario taking place in the Capital city of India clearly establishes to me that you Mr. Urjit R Patel are either supremely corrupt or massively incompetent to discharge your statutory obligations as Governor Reserve Bank of India.In the face of such State sponsored economic terrorism to steal my money, I am putting you on clear notice that I no longer have faith in the RBI or the rotten banking system of India or desire to deposit my money therein and I desire to be repaid / exchanged in sum (ie. ultimately coinage) immediately for all your worthless notes which I hold and which you seem to be repudiating.Accordingly, kindly immediately inform me when, where and how I can exchange all my bank notes of Rs. 500 and above issued by RBI for coinage of value or the small denomination legal tender notes as per your specific promise to repay me in sum.sincerely,
Sarbajit RoyNational ConvenorINDIA AGAINST CORRUPTIONB-59 Defence ColonyNew Delhi, 110024Tel: +91-8010205897On Tue, Dec 6, 2016 at 10:10 AM, Sarbajit Roy <sroy.mb@gmail.com> wrote:There is now a serious situation prevailing in the country that the Reserve Bank of India along with the scheduled Banks quite evidently do not possess sufficient coin or notes of lower denominations to exchange the SBN notes on demand. At best the depositors are being offered the worthless higher denomination notes of Rs. 2,000 contrary to the provisions of the RBI Act, and even those in rationed quantities which are useless for circulation. This further causes us to apprehend that the scheduled banks are under-provisioned, saddled with fake currency notes inserted into the economy by Ponzi operators and para-bankers and on the verge of collapse.It is well settled that any notifications by the Central Govt u/s 26(2) of RBI Act withdrawing the legal tender status of Bank notes do not extinguish the express obligations of the Bank u/s 39 RBI Act to exchange the withdrawn notes for coin or notes of lower denomination on presentation.Sir,Reserve Bank of IndiaTo:The Governor,cc: Cabinet Secretary to the Government of IndiaKind attn: Mr. Urjit Patel (Governor RBI)Kindly refer to my several emails addressed to you and also sent to the designated email ID under the SBN withdrawal scheme announced on 8.Nov.2016.
It is a matter of concern that I have not received a reply from the issuer Bank (Reserve Bank of India) who induced me over the years to exchange my monetary coinage resources for the Bank's notes under the strength of section 39 of the Reserve Bank of India Act, 1934 (hereinafter "RBI Act") reproduced below."39. Obligation to supply different forms of currency.
(1) The Bank shall issue rupee coin on demand in exchange for bank notes and currency notes of the Government of India, and shall issue currency notes or bank notes on demand in exchange for coin which is legal tender under the Indian Coinage Act, 1906.
(2) The Bank shall, in exchange for currency notes or bank notes of two rupees or upwards, supply currency notes or bank notes of lower value or other coins which are legal tender under the Indian Coinage Act, 1906, in such quantities as may, in the opinion of the Bank, be required for circulation; and the Central Government shall supply such coins to the Bank on demand. If the Central Government at any time fails to supply such coins, the Bank shall be released from its obligations to supply them to the public.""14. No peculiar significance or special meaning attaches to the word " exchange ": see Baynes & Co. v. Lloyd & Sons [1895] 1 Q.B. 820, 825; and I respectfully agree with the learned Judge in the Court below that Section 39 does impose on the Bank an express obligation to honour its notes in coin whether they are legal tender or not and in the case of bank notes of Rs. 5 and upwards to supply coin or notes of lower denomination'to the note tendered. The only discretion which the bank is given is as to the quantities of coin and notes respectively which it will give in exchange, but it must give one or the other or both. In my opinion the word " exchange " is a word of wider import than the word " pay," Actually on tender of the note with a demand for payment the bank does effect an exqhange, since it retains the tendered note against the coin or the notes of lower denominations." [J.M. D'Souza vs The Reserve Bank Of India on 25 January, 1946, (1946) 48 BOMLR 365]It is thereby relevant to remind you that on 6 April 2015, the India Against Corruption movement had formally complained to the Nodal Regional Office Grievance Redressal Cell at New Delhi, Reserve Bank of India, Email: crcnewdelhi@rbi.org.in; reporting the extraordinary prevalance of very high quality counterfeit notes of MG series in circulation and calling for their immediate demonetisation. Our complaint was widely reported in the reputed financial dailies the next day. On 24 April 2015 we were advised by Shri Parminder Singh AGM Issue Dept our complaint was forwarded to RBI's Central Office, wherefrom we received RBI's further assurances that our complaint was under active consideration. On or about 16 Sept 2016 we came to know that Rs. 500 and Rs 1,000 notes were being withdrawn. However, on 29 September 2016 we were shocked to learn that the RBI's replacement notes would continue to bear Mr. Gandhi's likeness.It is thus not clear to us why there is this gross mismanagement in the demonetisation process and why it is being carried out so belatedly and with such incompetence and harassment to the public at large. It seems to us that the demonetisation process is actually being carried out to benefit international currency speculators like Mr. George Soros who were entirely privy to the demonetisation scheme well in advance and to devalue the Indian rupee.For these reasons and the other reasons expressed by us previously in our communications, we no longer have faith in the Banking system of India or the MG series Bank notes issued by RBI and hence demand that you immediately exchange all the SBN notes we hold for coinage of the same face value or lower denomination notes of non-MG series which are legal tender.
Accordingly, kindly communicate to us immediately where we can present our SBN notes for exchange u/s 39 RBI Act across the counter in satisfaction for your promises.
sincerely,
Sarbajit RoyNational ConvenorINDIA AGAINST CORRUPTIONB-59 Defence ColonyNew Delhi, 110024Tel: +91-8010205897
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