Banks, post offices get new window to deposit old notes | business-news | Hindustan Times
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Banks, post offices get new window to deposit old notes

Banks that were barred from depositing old notes after reports of money laundering will be allowed to deposit old notes that were deposited with them between November 10 and 14.

business Updated: Jun 21, 2017 13:44 IST
HT Correspondent
Banks and post offices have been given time to deposit old notes.
Banks and post offices have been given time to deposit old notes.(HT File Photo)

Banks and post offices that have not managed to deposit old currency notes of Rs 500 and Rs 1,000 until now will be given another window of a month.

These banks and post offices can now deposit these with the Reserve Bank of India (RBI) after furnishing reasons for the delay.

This will come in handy for district cooperative banks that were barred from depositing old notes after reports of money laundering and that many used them to turn black money into legitimate cash. But they will be allowed to deposit old notes that were deposited with them between November 10 and 14.

A senior RBI official told HT that this window is not open for citizens.

The government had pulled out Rs 500 and Rs 1,000 notes on November 8, 2016, in an effort to fight a parallel ‘black economy’. People were allowed to deposit the notes in banks till December 30 and thereafter at select RBI counters till March 31.