Govt. allows cooperative banks to deposit old notes with RBI

Old Notes
Old Notes

The Finance Ministry has allowed banks, post offices and district central co-operative banks (DCCBs) on Tuesday to deposit the notes of 500 and 1000 rupees in the RBI. However, they will have to do this work within the next 30 days. During this period, he can get new notes by depositing his old notes in RBI. According to the information last week, Maharashtra’s minister Dilip Raut had sought permission for depositing Rs 2,271 crore lying with DCCB in the RBI.

According to the official information issued by the Finance Ministry, “Some special denominated (notified bank notes) can be deposited by some bank post office and district central cooperative banks, but it can be deposited by RBI any office will have to be deposited within the next 30 days. The accounts of the same note, bank, post offices and district central co-operative banks will be transferred as much as the old notes of this value will be deposited.”

Let us tell you that this decision has come at a time when cooperative banks do not have enough cash to fund the farmers from several districts. After this, the government has allowed banks, post offices, district central cooperative banks to exchange notes of 500-1000 rupees with RBI within thirty days.

It is noteworthy that the central government had decided to issue the ban on November 8, after which the old notes of 500 and 1000 rupees have been negated since 9 November. It was 86 percent of the currency in circulation in the market at that time.

Old Notes

Source: Jagran