Concepts and Ideas

What to do with Suddenly Discovered Old Currency Notes?

Most of us keep currency notes at multiple places around the home. Sometimes just for storage (that we remember) but sometimes to keep it securely so that we can use them during emergencies, etc. It’s normal to forget about the latter until it gets discovered accidentally. It’s generally a pleasant surprise, then.

But now, with the demonetization that happened so quickly, in spite of our best efforts to locate all the currency notes around the house, it’s only human to miss certain notes. It’s again human to discover them after a while – a few months or a few years later.

I can understand if the Govt. doesn’t want to exchange a large sum of money. We ourselves won’t keep and forget huge money somewhere. But what if, we recover some money that’s not large, but not too small to ignore either? For the normal not-so-rich junta, I mean.

Don’t you think there should be a way to exchange these old demonetized currencies?

Even if we assume that it is unaccounted money (it’s not, in most cases) why can’t the Govt./Banks deduct the highest possible income tax (30%) and give back at least the remaining money in new currency notes?

Otherwise, all that old money is not only a loss for the people but also a loss for the Indian Government.

I hope and wish the Govt. will bring in some law to enable us to exchange these old notes. If they want, they could impose a small fine and upper limit. But not accepting them at all is getting too strict. Don’t you think?

Destination Infinity

PS: This post is not against Govt. policies, but is a representation of the problem faced by common man in the hope that Govt. will address them at some point.

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