Banks, post offices, cooperative bank get one month to deposit demonetised notes

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

In a notification issued on Tuesday, the ministry said that commercial banks, post offices and cooperative banks can now deposit the notes provided they were collected within the authorised time-frame.

Commercial banks and post offices were allowed to accept these notes till December 30 while the time-frame for cooperative banks was restricted to November 14.

"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, and get the exchange value thereof by credit to the account of such Bank, Post Office or District Central Cooperative Bank, as the case may be, subject to the satisfaction of the Reserve Bank of the conditions specified in the said notification and the reasons for non-deposit of the specified bank notes within the period under that notification," according to a statement issued by the finance ministry.

As already known, non-resident Indians (NRIs) have time till the end of this month to deposit the notes at designated offices of the RBI.

"The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016.

"Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017," the central bank had said in a notification earlier.