RBI allows DCCBs to deposit banned bank noted collected between Nov 10-14

Mumbai, June 30 (KNN) The Reserve Bank has allowed district central cooperative banks (DCCBs) to deposit banned bank-notes exchanged or collected only between November 10-14 last year under a special window until July 19.

Specified banned notes (SBNs) of Rs 500 and Rs 1,000 held as on November 8, 2016, at the close of banking hours will not be eligible, the RBI said in a notification this evening.

The ones accepted by DCCBs after November 14 are also not eligible for exchange, the central bank said.

The RBI notification comes after the government last week had come out with a Gazette notification giving DCCBs a one-month window to deposit the banned notes for credit into the accounts till July 20.

The RBI today said DCCBs can use facilities at RBI regional offices in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram till July 19 for depositing these notes.

DCCBs may deposit eligible banned notes with RBI under the bank's guarantee scheme. Credit to the account of the bank concerned will be subject to satisfaction of RBI on the reasons for non-deposit of notes within the stipulated period, it added.

These notes will be subjected to detailed examination for accuracy and authenticity in the presence of a representative from the DCCB concerned, it said. (KNN Bureau)