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Banks, post offices can deposit junk notes for a month with RBI

Banks, post offices can deposit junk notes for a month with RBI

India BloomsNews Service | | 21 Jun 2017, 02:22 pm
New Delhi, June 21 (IBNS) : The Government has allowed banks and post offices to deposit the demonetised Rs 500 and Rs1,000 currency notes with the Reserve Bank of India (RBI) by July 20, reports said.

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

In a gazette notification published on Tuesday, the Finance Ministry said banks and post offices have to give the reasons for not depositing the withdrawn notes within the specified time period “subject to the satisfaction of the RBI”.

The Government had withdrawn the high-value currency notes worth 86 per cent of money in circulation on  November eight to tackle the problems of black money and fake notes.

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