DCCBs can deposit banned notes collected between Nov 10- Nov 14 till 19th July: RBI

The Reserve Bank of India (RBI) on Thursday said district central cooperative banks (DCCBs) can deposit banned notes exchanged or collected only between November 10-14 last year, under a special window till 19 next month.

The RBI in a notification issued in Mumbai said that the 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 notes accepted by DCCBs after November 14 would also not be eligible for exchange.

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. Fearing money laundering and also collection of fake bills, the apex bank had stopped the DCCBs from accepting banned notes from November 15 onward. Last December, the government made a commitment to the apex court that it would soon issue a notification allowing DCCBs to deposit the demonetised notes with the RBI.

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