Gujarat DCCBs to deposit Rs 2200 cr old notes

Chelsea West
June 24, 2017

The junked notes can be deposited provided they are collected from customers within the specified time period.

Institutions that collected demonetised notes (Rs 500 and Rs 1,000) during November and December previous year but did not deposit them with the Reserve Bank of India (RBI) have been given a 30-day breather by the finance ministry.

The DCCBs had been barred from accepting the old notes from November 14 previous year and according to Raote, around Rs 2,271 crore, is lying with the cooperative banks in Maharashtra alone. It also notifies that they will get the exchange value by credit to the account if RBI satisfies the condition specified by the organization.

However, neither the government nor the RBI has till now announced the amount of demonetised currency that was deposited post demonetisation.

This is the second window that the Centre is offering to banks, post offices and cooperative banks to deposit junked notes.

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Deposit of specified bank notes with the RBI, where in pursuance of the notification of the Government of India in the Ministry of Finance number S.O. "Hence, the Union government did not permit exchange of these old currency notes", said Sudhir Mungantiwar, Maharashtra's finance minister. Cooperative banks can deposit notes collected between November 10 and November 14. DCC banks in Maharashtra alone were holding on to demonetised currency to the tune of Rs 2,270 crore.

After demonetisation, the government gave holders of the junked currency a 50-day window to deposit it in their bank or post office accounts by December 30.

While the grace period for resident Indians to deposit the invalidated currency notes expired on 31 March, the non- resident Indians have time till June 30 to deposit such currencies.

The notification says the DCCBs can deposit the demonetised notes, collected during the five-day period after demonetisation was announced on November 8, 2016, with the RBI within 30 days from Tuesday. According to the last official count issued by the Reserve Bank of India, banks had collected 12 trillion rupees of the notes as of mid-December.

Other reports by TheSundaySentinel

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