The Reserve Bank of India (RBI) has asked banks to send information to the central bank via email on the quantum of old notes deposited at their branches. The 50-day deadline to deposit old 500, 1000 rupee note ends today.
"With the closure of the facility of exchange of SBNs (specified bank notes) as at the close of business on December 30, 2016, all banks should report information on collection of SBNs on December 30, 2016 itself at email. Banks should make arrangements to gather the information from all its branches accordingly," the RBI said in a notification addressed to the bank chiefs.
The RBI directed all the banks to deposit the old notes at its offices or in currency chest on December 31.
Currency chests are branches of select banks which are authorised by the RBI to stock currency.
The old notes also "cannot form part of banks' cash balances from the close of business as on December 31, 2016," the RBI said.
"With the closure of the facility of exchange of SBNs (specified bank notes) as at the close of business on December 30, 2016, all banks should report information on collection of SBNs on December 30, 2016 itself at email. Banks should make arrangements to gather the information from all its branches accordingly," the RBI said in a notification addressed to the bank chiefs.
The RBI directed all the banks to deposit the old notes at its offices or in currency chest on December 31.
Currency chests are branches of select banks which are authorised by the RBI to stock currency.
The old notes also "cannot form part of banks' cash balances from the close of business as on December 31, 2016," the RBI said.
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