Monday 26 June 2017

Govt. asks banks to deposit demonetised notes with RBI in 30 days 
The government has asked the district cooperative banks, commercial banks and post offices to deposit the demonetised Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20, provided they were collected within the specified time period. 

After the November 8 shock demonetisation announcement, the government had allowed commercial banks and post offices to accept the junked currency from the public till December 30. 

District central cooperative banks were allowed to accept them only till November 14. The finance ministry, through a notification on Wednesday, allowed banks and post offices to exchange any old junked notes with RBI in the next one month, provided they were collected by December 30, 2016. 

The same window would also be available to cooperative banks if they had collected the banned notes by November 14. The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency. 

The notification also said that banks and post offices will have to give reasons for not depositing the withdrawn notes with the specified time period "subject to the satisfaction of the RBI". 
(SA - @21/06) 

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