Banks, post offices can deposit junk notes for a month with RBI
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published on Tuesday, the Finance Ministry said banks and post offices have to give the reasons for not depositing the withdrawn notes within the specified time period “subject to the satisfaction of the RBI”.
The Government had withdrawn the high-value currency notes worth 86 per cent of money in circulation on November eight to tackle the problems of black money and fake notes.
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