Govt asks banks to deposit junked notes at RBI by July 20

RBI will accept deposits collected by any bank or post office by December 30, 2016

New Delhi, June 21:  

The Finance Ministry has asked banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank of India by July 20.

This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI. "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,” said a recent notification by the Department of Economic Affairs.

The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency.

The deposits will be accepted by the RBI subject to valid “reasons for non-deposit of the specified bank notes”. RBI will accept deposits collected by any bank or post office by December 30, 2016 or by any District Central Cooperative Bank from November 10-14, 2016 should be deposited within 30 days, the notification said.

Source :  http://www.thehindubusinessline.com