Business Economy 26 Jan 2017 Failed to deposit ol ...

Failed to deposit old notes on Dec 30? RBI may give you another chance

DECCAN CHRONICLE
Published Jan 26, 2017, 5:11 pm IST
Updated Jan 26, 2017, 5:26 pm IST
Decision was being considered as central bank has received querries on certain notes that were not deposited on last day.
Old Rs 1,000 and Rs 500 notes were scrapped on November 8, 2016.
 Old Rs 1,000 and Rs 500 notes were scrapped on November 8, 2016.

Mumbai: The Reserve Bank of India may allow deposit and exchange of discarded Old High Denomination currency notes in bank accounts. However, exchange facility at banks would be for limited amount of money, Hindustan Times reported on Thursday.

“If allowed, deposits would only be for smaller sums to ensure that the window, which will be for a limited period, was not misused,” HT quoted sources as saying.

 

The decision most probably would be taken after the central bank received in bulk requests and queries from citizens who for some reasons failed to surrender scrapped currency notes.

The amounts are as small as Rs 2,000… the issue is being looked into and the advice would be to hold on to those notes as we are examining (opening) another window for these genuine people, the report said.

Many queries that the RBI received were about currency notes that people found tucked away somewhere in their house and that they discovered on a later date than December 30.

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