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Govt directs banks to deposit demonetised notes at RBI by July 20

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The central government has directed the banks to deposit all the demonetised notes at the Reserve Bank of India (RBI), latest by July 20.

This is so far the second window provided by the government to banks, post offices and cooperative banks for depositing the junked notes with RBI.

The earlier window offered was open till December 31, a day after the 50-day period of demonetisation of high-value denomination.

“Such specified bank notes may be deposited by such bank, post office or district central cooperative bank, as the case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules,” said a government notification.

“RBI will only accept deposits collected by any bank or post office by December 30, 2016, or by any District Central Cooperative Bank from November 10-14, 2016 should be deposited within 30 days,” the notification said.

“They should also cite valid reasons for non-deposit of the specified bank notes within the period,” it said.

Old Rs 500 and Rs 1,000 notes were demonetised from November 8, 2016, to eliminate the menace of black money and curb the circulation of Fake Indian Currency Notes (FICNs).

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