HOME > SOCIETY > CRIME > Indian Railways ticket refunds delayed due to demonetization rush

Indian Railways ticket refunds delayed due to demonetization rush

Many people who booked railway tickets worth thousands of rupees during demonetization period and cancelled these tickets for refunds are yet to get their money back.

According to Indian Railway sources, many of these people could end up waiting for 90 days or more to get their money.

DEMONETIZATION RUSH

When the government announced that it was replacing all currency notes in Rs 500 and 1000 nominations on Nov 8, it made an exception for railways and airlines.

In both these cases, it said old notes would continue to be acceptable.

Because of this, many people who could not deposit their high-value notes in banks fearing tax scrutiny went to their nearest railway booking counters and bought tickets worth tens of thousands of rupees.

Tickets were booked under wait-list even when there was no chance of them getting confirmed. In fact, wait listed tickets were preferred as these could be cancelled at practically zero cost and the railways would return the money in the new currency.

As a result, the total ticket booking volumes zoomed and the Indian Railways was flooded with old notes.

However, facing a flood of old cash, the Railways suspended cash refunds for ‘high value bookings’ on Nov 10. From that day onwards, it started issuing ‘ticket deposit receipts’ or TDRs when a high-value ticket was cancelled, instead of giving cash.

These TDRs had to be filed before railway authorities along with the claimants’ bank details, and the refund would be routed to the bank accounts.

SCRUTINY DELAYS

However, the Indian Railways also got direction from the government to keep a record of the people who were engaging in high-value bookings and cancellations.

Moreover, the refund amount was not to be disbursed until a basic level of scrutiny was carried out.

As a result of this, the Indian Railways has not been able to adhere to the time line of clearing all TDR claims within 90 days, the official said.

The official said the whole process could take weeks or months to complete due to the sheer volume of TDRs filed during this period. “There is no guarantee that we could finish the job in x number of days,” said the official.

Follow ULTRA.news
GST complaints coming mainly from tax-evaders – Adi Godrej Adi Godrej, chairman of one of India's largest manufacturing and real estate groups, said most of the complaints about the new Goods and Services Tax is coming from businesses that have been built on a model of tax evasion."The complaints about the GST are mainly coming from ...
HCL Infosystems gets tax notice for Rs 312 cr plus penalties HCL Infosystems, the India-focused IT arm of HCL Group, said it received a tax demand of Rs 312.34 cr plus interest and an amount equal to the interest amount as penalty.The company, which is already struggling with losses, did not specify the amount of interest involved or ...
Piyush Goyal orders safety and capacity audit for Mumbai foot-overbridges Railway minister Piyush Goyal said he has ordered a 'safety and capacity' audit of all foot-overbridges in Mumbai.The order comes in the wake of the death of around 25 people in a stampede on a narrow foot-overbridge in the Elphinstone station.He also said that the Railwa...
NDTV stock up 76% in four days, company says no clue why Shares of New Delhi Television Ltd spiked another 10% today to Rs 62.40, prompting the BSE to write to the company to seek clarification on any undisclosed development.With this, the total gain in NDTV shares in the last four days is 76%.The company, however, said it was...
UPDATE: 99% of demonetized currency returned to govt Eight months on, the Reserve Bank of India is yet to finish verifying and counting the 500- and 1000-rupee notes surrendered by the public between Nov 8 and Dec 30, 2016, the finance ministry said in a statement on Aug 11.UPDATE: About ten days after this article was publishe...
Demonetization took India forward by 3 years – SBI The demonetization of currency notes late last year has doubled the number of card transactions and helped push India's payment digitisation by three years, State Bank of India said in a note."Even after seven months post demonetization, the transaction value is quite large ...
Demonetization hits real estate builder prices, but not resale flats – report Demonetization of 500- and 1000-rupee notes hurt the real estate sector in North India, while its impact on the sector in South India was negligible, according to Magicbricks’ PropIndex for Jan-March 2017.The report, brought out by the eponymous real estate classifieds site, ...
Indian Railways sees 4% jump in passenger reservations in 2016-17 Inside a sleeper bus by APSRTCIndian Railways saw an increase of 3.91% in the total number of reserved bookings in the financial year ended March 2017, according to data from the ministry of railways.A total of 52.35 cr (523 mln) passengers were booked in the reserved ca...
Kerala girl secretly films man who masturbates in front of her in train A man who was looking for some cheap thrills on a train in Kerala got more than what he bargained for after the girl he was masturbating in front of secretly recorded the entire incident and uploaded it on social media.The incident is reported to have taken place on the A...
Gujarat Infrastructure Development Board joins Mumbai-Ahmedabad High Speed Rail Corp Indian officials checking out a Tokyo bullet trainNational High Speed Rail Corporation Ltd, which is setting up the Rs 1 lakh cr Mumbai-Ahmedabad high-speed rail service, has brought on Gujarat Infrastructure Development Board (GIDB) as key partner for the project.GIDB -...
90% of income tax refunds issued in 60 days, 1.5 lakh cr cleared Income Tax Building, DelhiThe government has cleared 98% of income tax refunds below Rs 50,000 in the current financial year, the finance ministry said.67% of the refunds were issued within one month of filing the return, and 90% were issued within 60 days, the ministry ...
Occupancy level crosses 100% on Indian Railways Inside an Indian Railways trainThe average occupancy of reserved berths in trains in India rose to 102% in the ongoing financial year, the railways said, quoting data from April to December 2016.The number indicates the extreme inadequacy of railway service in India....
Service Charge in Restaurants: Center says still waiting for industry proposal GST will subsume service tax and VATThe ministry of consumer affairs, food and public distribution is still waiting to hear from the hotel and restaurant industry associations on how they intend to resolve the issue of levying service charges 'unfairly'.The matter had co...
SBI biggest beneficiary of demonetization, HDFC Bank close behind State Bank of India and HDFC Bank were the most successful in attracting and retaining deposits in the wake of demonetization of currency, according to an analysis of their deposits growth so far this financial year.The highest growth was reported by State Bank of India, wh...
Only 50% have responded to Operation Clean Money queries A flyer for Operation Clean MoneyThe number of people who have given their responses under the government's 'Operation Clean Money' has reached 8.38 lakh as of Mar 9, slightly less than half the 17.92 lakh people to whom questions have been sent.The questions were sent i...
Mining baron Sekhar Reddy arrested after Income Tax raids Sand miner Shekar Reddy has been arrested, two weeks after the seizure of crores of rupees and gold in an income tax raid. The arrest has come hours after Income Tax officials conducted a raid on Tamil Nadu's top bureaucrat chief secretary P Rama Mohana Rao at his home.It was...
Demonetization: RBI removes ‘explanation’ requirement for KYC accounts The Reserve Bank of India has responded to widespread criticism of its directive to collect 'explanations' from those depositing more than Rs 5000 by clarifying that this directive will not apply to bank accounts with proper documentation."On a review of the above, we advise ...
Demonetization: Modi announces bumper prizes; 15 lakh users to get 1,000 rupees Narendra Modi announced several 'prize schemes' to promote cashless transactions.Under the schemes announced today, there will be two sets of prizes for consumers and another for small merchants.Under the first scheme, any customer who uses any electronic form of payment,...
Demonetizaton: Govt places limits on last minute deposits The Reserve Bank of India said that any person who continues to hold old notes of 500 and 1000 rupees in bulk will get only one more chance to deposit them into bank accounts and will also have to provide an explanation for the delayed deposit."Tenders of SBNs in excess of ₹ ...
Demonetization: Swaraj India says political parties could become money laundering centers Swaraj India party today said the Income Tax department's decision to continue to provide immunity to political parties from having to reveal their sources could turn them into money laundering centers.According to Section 13(A) of the Income Tax Act, 1961, if you have regist...