The Central Government has issued a Notification enabling the Banks, post-offices and co-operative banks to deposit the scrapped notes received by them post-demonetisation, with the Reserve Bank of India.
In last November, the Central Government had scrapped Rs. 1000 and Rs. 500 notes with a view to curb black-money. The citizens were permitted to exchange the old notes with new notes from the Banks and post-offices during a 45 day-window period.
As per the Notification, any Bank or Post Office can deposit the demonetized notes accepted by them on or before the 30th December, 2016 with the RBI. In case of any Central District Co-operative Banks, they can deposit the notes received from 11th November 2016 to 14th November 2016.
The above entities can deposit the scrapped notes with the RBI within 30 days from the commencement of these rules and get the exchange value thereof by credit to the account of such Bank subject to conditions laid down in the Notification dated 8th November 2016.
Read the full text of the Notification below.
