The Reserve Bank of India has asked banks to report details of deposits of Rs. 1,000 and old Rs 500 notes to it after the close of banking hours on Friday, which is the last date for banks to accept the invalid currency.
“With the closure of the facility of exchange of SBNs [defunct 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 e-mail,” the central bank said in a notification.
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 District Central Cooperative 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 Reserve Bank or a currency chest by December 31 itself.
The RBI said the junked notes “cannot form part of banks’ cash balances from the close of business as on December 31, 2016”.
However, the DCCBs may retain the SBNs received on November 10-14 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 p.m. 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,” the RBI said.
(Feature image source: PTI)