Tuesday, 21 November, 2017

Govt Asks Banks to Deposit Junked Notes With RBI by July 20

While post offices and commercial banks were allowed to receive the old high-value currency notes till 30 December district central cooperative banks were allowed to accept these only till 14 November Government Allows Co-Operative Banks To Deposit Old Notes With RBI
Kelvin Reese | 24 June, 2017, 01:38

Months after Government's move to demonetise old Rs 500 and Rs 1000 notes, the government on Tuesday allowed the RBI to accept demonetised notes received by the District Central Cooperative Banks (DCCBs) during November 10-14 a year ago.

The notification published on the official gazette of India also specifies that those entities that do not submit these specified currency notes need to provide reasons for not doing so.

The notification also allows banks and post offices which had collected demonetised currency prior to December 30, 2016 to deposit them with the RBI. The decision comes as a relief, especially to cooperative banks located in remote areas that were allowed to take deposits or exchange the banned notes only for five days (up to November 14) past year following the announcement of demonetisation on November 8, sparking strong protests in states like Kerala where they have a massive presence.

However, neither the government nor the RBI has till now announced the amount of demonetised currency that was deposited post demonetisation. After the demonetisation decision taken by Prime Minister Narendra Modi on November 8, 2016, Rs 44,000 crore in old currency were deposited in 371 DCC banks across the country.

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The government had set December 30 as the deadline for exchanging the banned notes, barring some exigencies for which the window was open until March 31 only with the RBI.

Initial estimates say that around Rs 5,771 crore are lying with 32 coop banks in Maharashtra. Six days after demonetisation on November 14, the RBI had banned cooperative banks from exchanging scrapped Rs 500 and Rs 1000 notes. District central cooperative banks were allowed to accept them only till November 14. The Pune DCCB has the largest stash of old notes of Rs 574 crore face value.

Banks and post offices will, however, have to give reasons for not depositing the withdrawn notes within the specified time period "subject to the satisfaction of the RBI", the ministry said. However no exchange facility against the specified bank notes Rs 500 and Rs 1,000 or deposit of such notes should be entertained by the DCCBs.

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