The Time limit to deposit old Rs 500 and Rs 1,000 notes in banks ends on today i.e. December 30th 2016.
From next week onward, those still holding the scrapped currency can deposit it only with the Reserve Bank of India till March 31, 2017.
The Reserve Bank of India said in the notification that, With the closure of the facility of exchange of SBNs as at the close of business on December 30, 2016, all banks should report information on collection of SBNs on December 30, 2016 itself at email.
The banks are also directed to make arrangements to gather the information from all its branches accordingly.
The RBI also directed to All bank branches (other than those of DCCBs) who have accumulated SBNs as at the close of business on December 30, 2016 are required to deposit the same in any Issue Office of the Reserve Bank or a currency chest on December 31, 2016 itself.
Banks maintaining currency chests may make necessary arrangements to facilitate the deposit of SBNs received through linked branches /other branches of banks /post offices. Reporting of the transactions in ICCOMS will be enabled beyond 9.00 PM till all the deposits are received and accounted for, said in the notification.
After March 31, holding demonetised notes would be illegal and could invite hefty fines, according to an ordinance passed by the Union Cabinet on Wednesday.
On November 8 Prime Minister has announced that Rs 500 and Rs 1,000 rupee notes would no longer be legal tender.
“The revenue collected will be used for the welfare of the poor, downtrodden and the marginalised,” the prime minister reportedly said in an Interview.
Read the full text of the notification below.
