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
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...
DEMONETIZATION: Wholesale Price Inflation falls to 3.15% in November The annual rate of inflation, based on monthly WPI, stood at 3.15% for the month of November, 2016 as compared to 3.39% for the previous month and -2.04% during the corresponding month of the previous year.The fall is largely expected due to the impact of the withdrawal of h...
Domino’s Pizza starts cashless facility for phone orders Domino's Pizza has started cashless payment facility for those who order by phone as well."Post demonetization, we have seen many customers choosing to order online. Consumers coming to our restaurants to dine in or carry out are able to pay With Credit caras or Wassets. Howe...
Indian Railways releases list of 71 stations with free Wifi, to expand to 709 The Indian Railways has released a list of 71 railways stations in India with free Wifi provided by Google and Railwire, and said the facility will be extended to 709 stations in about three years from now.In addition, several suburban stations in Mumbai -- such as Kulra, Byc...
After pumps, Bata stores to provide cash withdrawal The story has been withdrawn by the company.
Modi says people who deposited others’ money may get to keep it all Opening a new front in the fight against black money, Prime Minister Narendra Modi today said people who were forced or tricked into depositing other people's money into their bank accounts may be allowed to keep the entire sum for themselves."Do not touch that money," Modi s...
Petrol Pumps, Airlines Will Not Take Old Notes From Saturday | DEMONETIZATION Old notes will no longer be accepted at petrol pumps and airline ticket counters starting from Saturday, according to sources.So far, petrol pumps and airlines had been given an exemption from demonetization of 500 and 1000 rupee notes.However, in an effort to control...
BJP asks all MPs, MLAs to submit bank statement to party As part of the ongoing crackdown on tax evasion and illicit funds, the Bharatiya Janata Party has asked all its MPs and MLAs to submit the full details of their banking transactions from Nov 8 onwards.The central leadership of the party will examine the bank statements of the...
DEMONETIZATION: How some earned lakhs standing in queues The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and ot...
Despite Demonetization, India will beat China in GDP growth: Fitch Ratings Despite a moderation in India's GDP growth rate in the short term due to cash crunch, the Indian economy will still grow faster than that of China, global ratings agency Fitch said."We still expect India’s GDP growth to trend higher than China’s in the medium term," said the ...
FULL TEXT: Ratan Tata’s statement on Demonetization Ratan Tata courtsey:tata.comRatan Tata, one of the most respected business figures in India and the chairman of Tata Trusts, has drawn attention to the practical difficulties faced by ordinary citizens in dealing with the ongoing currency exchange program.Tata, who was o...
Rahul Gandhi seeks Parliamentary probe into ‘leak of information’ ahead of demonetizatio... Congress Vice President Rahul Gandhi dismissed charges that the opposition was not speaking in one voice on demonetization and said the entire opposition is united in their demands.Asked whether the opposition parties wanted a roll-back, Gandhi said there were only two demand...