New Delhi: Government has asked banks and post offices to deposit demonetized currency notes of Rs 500 and Rs 1,000 with the Reserve Bank of India (RBI) by July 20. In a notification issued by the Finance Ministry, Bank, Post Office or District Central Cooperative Bank, has been asked to deposit it within a period of 30 days from the commencement of these rules. It has been mentioned in the notification that the deposits will be accepted by the RBI subject to valid “reasons for non-deposit of the specified bank notes”. It is made clear in the notification that RBI will accept only those deposits collected by any bank or post office by December 30, 2016 or by any District Central Cooperative Bank from November 10-14, 2016. This is the second window opened for a new one-month to deposit the demonetised Rs 500 and Rs 1,000 currency notes with the RBI. The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency. The high denomination currency notes of Rs 500 and Rs 1,000 notes were demonetised from November 8, 2016 to eliminate black money and curb infusion and circulation of fake Indian currency notes (FICNs).
