Monday, November 28, 2016

[IAC#RG] Complaint to "Public Query" on demonetisation of Rs. 500 and Rs. 1000 OHD /SBN

The Governor,
Reserve Bank of India

Kind attn: Mr. Urjit Patel / Governor


Kindly refer my email addressed to you and 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 notes under the strength of section 39 of the Resreve Bank of India Act.

From your non-reply, it seems you want to cheat and defraud citizens like myself and are running away from completing your statutory obligations to repay me in coin on demand.

I reiterate that I have no wish to retain / deposit my funds in your regulated banks or in accounts therein since the guarantee of the Central Govt is highly insufficient to protect my deposits therein, whereas all my bank notes are guaranteed by the Central Govt. Also the bank accounts are very insecurely maintained by the lower banks and are being rampantly hacked by well organised foreign hackers with the stolen monies never recovered nor returned.

I wish to strongly convey that the Central Govt is least interested in protecting small bank depositors since the vital Cyber Regulations Appellate Tribunal lacks a Chairperson for many years and has not functioned since last 3 years simply to cover over this rampant menace of hacked banked accounts. The Adjudicating Officers appointed for sections 43-46 of Information Technology Act are also hardly functional and hacking complaints are piling up for years on end with them . It is therefore highly deceitful on part of RBI or Central Govt. to compel me to place my funds in your highly insecure banks and their pathetically insecure cyber infrastructres to recover my funds locked in the SBN notes.

For your ready reference, section 39 of the RBI Act 1934 is 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."

Accordingly, since I wish to exercise my statutory right to be paid on demand in coin for the now withdrawn notes issued by your bank, kindly communicate to me how, when and where I can present your withdrawn SBN notes for conversion into legal tender coinage.


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

On Thu, Nov 24, 2016 at 9:27 AM, Sarbajit Roy <> wrote:
1) The Governor, Reserve Bank of India

2) The Secretary, Department of Financial Services (GOI),

3) Chief Minister of Delhi

Dear Sirs

Sub: Public Query on Demonetisation of Rs. 500 and Rs. 1000 OHD

I am informed that the Govt of India on 8 November 2016 has notified that OHD notes of Rs. 500 and Rs. 1,000 are withdrawn and shall not be legal tender w.e.f midnight between 08.11.2016 and 09.11.2016.

The term "legal tender" essentially means "coins or banknotes that must be accepted if offered in payment of a debt"

However, each of the withdrawn note carries the assurance of the Reserve Bank of India, through its Governors, that "I promise to pay the bearer the sum of Five Hundred Rupees". or "I promise to pay the bearer the sum of One Thousand Rupees".

I am holding some OHD note of Rs. 500 and also some OHD notes of Rs. 1000.

I wish to be immediately paid in sum against these notes since I no longer have faith in currency notes issued by RBI and I am also not at all prepared to accept in exchange the new promissory notes being issued by RBI which are presently worthless to me and which contain an unacceptable political slogan.

Furthermore, since these OHD notes with me are genuine bearer notes issued by Governor RBI and withdrawn from ATMs / counters of PSU Banks, I am not prepared to provide / show any identification to exchange them since these are bearer notes.

Accordingly, kindly inform me when, where and how I can immediately exchange my aforesaid OHD notes for their sum.

NB: This communication is sent in larger public interest of persons who insist on financial inclusion in banking system


Er. Sarbajit Roy
National Convenor
FIPS FORUM (Financial Inclusion and Payment Systems Forum)

Address: B-59 Defence Colony, New Delhi 110024
Tel : +91-8010205897

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