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The moment our Prime Minister Mr. Narendra Modi announced demonization of 500 and 1000 currency notes people have been finding several ways to cash in such notes in any way possible. Since till November midnight older notes can be cashed in on Petrol pumps, Railways and at other government institution many people turned themselves to Railways to book tickets of higher class in trains with intention of cancelling the same after few days. However, railways instantly noticed this trend and immediately released a circular that ticket bought between November 9 and 11 will not be refunded through cash if ticket booked amounts to Rs. 10,000 and more.

Indian Railways will issue receipts for tickets amounting to Rs. 10000 or more and the same amount will be transferred to passenger’s bank account directly through e-transaction or cheque where e-transaction is not possible.

In such case if a passenger applies for the cancellation then she/he has to furnish full account details of the bank to get the cancelled amount. In case passenger does not own an account the refund will be done through KYC (Know Your Customer).

Railway also observed an interesting trend after the announcement of demonetisation was made that its collection through e-ticketing went down by Rs. 10crore while though counter ticket collection spiked upto Rs 24crore. During this period Railway is not issuing waitlist tickets.