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Home » News » Business » Old notes: banks given more time
Old notes: banks given more time

Old notes: banks given more time

The government on Tuesday issued a notification allowing banks and post offices still holding demonetised notes to deposit them with the Reserve Bank of India within 30 days, along with a reason for why they were not deposited with the central bank within the specified period.

“Where in pursuance of the notification of the Government of India… the specified bank notes have been accepted from their customers, by any bank or post office on or before December 30, 2016, or by any district central cooperative bank within the period of November 10 to November 14, 2016, such specified bank notes may be deposited by such bank, post office or district central cooperative bank, as the case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules,” the notification, dated June 20, said.

“Happy & thankful to GoI & @RBI for permission to cooperative banks to deposit junked notes. Huge relief to farmers in getting loans from DCCBs (District Central Co-operative Banks),” Maharashtra Chief Minister Devendra Fadnavis tweeted following the notification.

Subject to conditions

These deposits with the central bank are subject to its satisfaction that the conditions specified in the notification are met and reasons are provided for the “non-deposit of the specified bank notes within the period under that notification”.

 

Source: The Hindu

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