RBI seeks details of old currency deposit from Banks

New Delhi, Dec 31 (KNN) RBI has asked banks to report details of deposits of old currency notes of 500 and 1,000 after the closing hours of Friday, December 30, which is the last date to deposit the invalid currency in the banks.

"With the closure of the facility of exchange of Specified Bank Notes (SBNs) 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 e-mail," the central bank said in a notification.

While expressing his views, General Secretary of All India Bank Employees' Association (AIBEA), CH Venkatachalam told KNN that it is welcomed if black money will be explored.

“We have no objection let them call for the details and if they can come to conclusion, how much of that is the black money, we welcome that,” said Venkatachalam.

According to him the workload in the Banks will increase rather than decreasing as was claimed by the government.

“But the point is that after withdrawing 14 lakh crore they are able to pump only 5 lakh crore. So there will be shortage of cash, it will continue beyond December. The tension will increase as people will come and shout that limit of 50 days is completed,” said Venkatachalam.

As per the RBI, all lenders, including public, private, rural and cooperative banks, have been asked to make arrangements to gather information on deposits of the Specified Bank Notes (SBNs).

All bank branches -- other than those of DCCBs -- that have accumulated the SBNs as at the close of business today are required to deposit the same at any issue office of the Reserve Bank or a currency chest by tomorrow itself.

RBI further said the old-high denomination notes "cannot form part of banks' cash balances from the close of business as on December 31, 2016".

RBI declared that in a view to facilitate storage of SBNs, banks maintaining currency chests may utilize 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, as reported. (KNN/RAS)