The Reserve Bank of India has on Friday, asked all the banks across the country to submit a report about the deposits of demonetised currency after closing hours. Friday is the last day for the citizens to submit old demonetised notes of Rs. 500 and Rs. 1000 in the banks.
The notification released by the RBI said, “With the closure of the facility of exchange of Specified Bank Notes (SBN) (defunct notes,) at the close of business on December 30, 2016, all banks should report information on the collection of SBNs on December 30, 2016, itself at e-mail.” The RBI also asked the lenders, public and private and all the banks to put forward a statement about all the deposits of SBNs.
All banks, apart from District Cooperative Central Banks(DCCB) have to submit the SBN in Reserve Bank of India by the end of the day or put them in a currency chest by Saturday. The statement also read that, old-high denomination notes “cannot form part of banks’ cash balances from the close of business as on December 31, 2016.” But DCCB’s have permission to retain the old denominations received from November 10- 14 until further notice.
The statement added, “To facilitate storage of SBNs, banks maintaining currency chests may utilize additional space in their existing currency chest or additional storage space at the same center with the proviso that it is as safe and secure as a currency chest.”The statement also said that all the banks maintaining currency chests must make required arrangements to enable deposits of SBNs received through branches linked and post offices.
This facility to deposit in RBI, and for reporting details of transactions to Integrated Computerised Currency Operations and Management Systems will be available until 9 P.M. so that all deposits are received and accounted for.
