RBI asks banks to furnish details on deposits on Rs 500 and Rs 1,000 notes since note ban

The Reserve Bank of India (RBI) has asked banks for details of cash deposits in demonetised currency notes since the decision was announced on November 8. In a notice issued by the RBI, banks have
RBI, Banks, Demonetisation Effect Source: PTI
India TV Business Desk New Delhi December 30, 2016 16:47 IST

The Reserve Bank of India (RBI) has asked banks for details of cash deposits in demonetised currency notes since the decision was announced on November 8.

In a notice issued by the RBI, banks have been directed to report details of deposits of old Rs 500 and Rs 1,000 notes after the close of banking hours on Friday, the last date to acknowledge the invalid currency.

“With the closure of the facility of exchange of specified bank notes (defunct notes) as at the close of business on 30 December 2016, all banks should report information on collection of SBNs on 30 December 2016, itself at e-mail,” the central bank notification read.

All lenders, including public, private, rural and cooperative banks, have been asked to make arrangements to gather information on deposits of the SBNs.

All bank branches—other than those of District Central Co-operative Banks (DCCBs)—that have accumulated the SBNs as at the close of business on Friday are required to deposit the same at any issue office of the RBI or a currency chest by Saturday itself.

RBI further said the old-high denomination notes “cannot form part of banks’ cash balances from the close of business as on 31 December 2016”. However, DCCBs may retain the SBNs received on 10-14 November till receipt of further instructions.

Further, banks maintaining currency chests have been asked to make necessary arrangements to facilitate the deposit of SBNs received through linked branches or other branches of banks and post offices.

Reporting of the transactions in Integrated Computerised Currency Operations and Management System (ICCOMS) will be enabled beyond 9 till all the deposits are received and accounted for.

“To facilitate storage of SBNs, banks maintaining currency chests may utilise additional space in their existing currency chest or additional storage space at the same centre with the proviso that it is as safe and secure as a currency chest,” RBI added.

(With inputs from PTI)

 
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