New Delhi, Jan 25: The Reserve Bank of India may provide people another chance to deposit demonetised notes of Rs. 500 and Rs.1000, reports cited sources in Government and banking sectors on Wednesday. However, the exchange limit is expected to be for limited amount and there is no official confirmation about it yet.
A report in Hindustan Times stated that the Reserve Bank of India has been receiving innumerable queries and requests from many who failed to exchange the scrapped notes within the given frame of time, that was December 30 and many sought relief. Sources claimed that if another chance is given for exchanging, it would be for smaller sums and for a limited period. This, sources claimed in the report, that was to be done to check misuse of the ‘chance’.
Reportedly, one of the query was from a man who found an old 1,000 rupee note tucked in a book. Similar situations have reportedly led to people finding minuscule amount of money tucked in somewhere or other. The HT report claimed that a government official said that any amount which might be collected in this new time frame is  expected to be very less.
At present, people with scrapped notes can exchange them in branches of Reserve Banks only till March 31. In addition to this, those exchanging or willing to exchange at Reserve Bank of India must have valid reasons for missing the December 30 deadline.
Prime Minister Narendra Modi on November 8 announced that all 500 and 1000 rupee notes are to be banned and soon new 500 rupee note was issued by the Government. They also came up with a new 2,000 rupee note. The demonetisation move was reportedly taken by the government to check counterfeit currency and blackmoney practised using notes of higher denomination. Later the government said that the move also aimed at transforming India to a cashless economy.
Since the demonetisation move, many incidents have been reported regarding seizure of large amount of unaccounted money in both new and old currency notes. However, there might be genuine cases when people may not have been able to exchange or deposit in the given deadline and this move by the Government and RBI might be beneficial for them. But care must be taken that no blackmoney holder slips through the crack of this window as that would be obviously detrimental.