After the demonetization of ₹ 500 and ₹ 1000 notes was announced by Prime Minister of India Narendra Modi, there have been several ways that people have tried to grab some new notes that were released in the banks from today. One of them is by cancelling the tickets that were booked by paying the old notes.
The two high-denomination notes were banned / demonetized in a bid to curb the black money menace and to make people declare all the black money that they possess, but there has been an unusual surge in such bookings since the high-value currencies were demonetized two days ago.
Aviation regulator DGCA has made it clear that the customers who made the booking using the withdrawn ₹ 500 and ₹ 1000 notes will not be able to cancel or get refund for the same if they are trying to do that now. Though there is no official announcement made by the government in the public, it is said by the sources that the regulations are given by the top level people in the government.
SpiceJet’s spokesperson Ajay Jasra told PTI that while regularly there is a sale of about Rs. 25 lakh per day, in the last 48 hours, it has risen up to Rs. 1 crore per day, which is about four fold.
In a tweet, full-service carrier Vistara said “tickets sold at airport ticket counters with Rs. 500 and Rs. 1,000 currency notes are strictly non-refundable”.
Ever since the announcement of demonetization has been done, there have been news flowing around about how the ones with a lot of black money are trying to convert that to white money by using one or the other ways. Government is trying every way to direct people to deposit the money into their bank accounts, but the warnings about undisclosed amounts and the tax penalty for it is making it hard for people to disclose it.
There are some rules set by the government and finance ministry on how much can be withdrawn per day, how much money can be exchanged with new notes and what can be done if you have a lot of cash in hand. The current notes will be void after December 30th, so the government is urging people to deposit all the cash before that date with the valid KYC documents taken to the banks where they hold an account.