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Banks, Post Offices Can Deposit Banned Rs. 500, Rs. 1000 Notes to RBI
June 28, 2017
As per a recent notification by the finance ministry, banks and post offices can exchange the old Rs. 500, Rs. 1000 notes that were banned during after the demonetization initiative with the Reserve Bank of India. However, it’s contingent on these notes being collected by December 30. The last date for deposits has been fixed on July 20.
District Central Cooperative Banks have also been allowed to exchange the old notes, granted these were collected during the time between November 10 and 14 last year. This will be of great relief to the remotely located banks that were given just a few days to collect the old notes.
