Government directs banks to deposit demonetized notes at RBI by July 20

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NEW DELHI: The BJP government has allowed banks and post offices to give back demonetized Rs 500 and Rs 1,000 notes to RBI by July 20.

Earlier, the government announced that the last date for submitting demonetized notes to RBI was December 31, 2016.

“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,” statement stated.

It additionally said that they ought to get the trade an incentive by credit to the record of such subject as per the general inclination of the RBI of the conditions indicated.

RBI will acknowledge stores gathered by any bank or mail station by December 30, 2016 or by any District Central Cooperative Bank from November 10-14, 2016 ought to be saved inside 30 days, the warning said.

They ought to likewise refer to legitimate explanations behind non-store of the predefined monetary certificates inside the period, it said.

Old Rs 500 and Rs 1,000 notes were trashed from November 8, 2016 to kill dark cash and control mixture and flow of fake Indian money notes (FICNs).

India is the second-biggest maker and purchaser of money notes. Flow of banknotes has expanded to 90.27 billion pieces from 64.58 billion throughout the most recent five years.

As on November 8, 2016, the aggregate sum of cash available for use was Rs 17.7 lakh crore, which included indicated certified receipts (SBNs) of Rs 500 and Rs 1,000.

According to the last authority tally discharged by RBI on December 13, banks had accumulated Rs 12.44 lakh crore in prohibited notes till December 10.

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