Govt asks banks, post offices to deposit scrapped notes by July 20th

Government has asked banks to deposit demonetised notes at RBI by the 20th of next month.

The government has permitted banks and post offices to deposit junked Rs. 500 and 1,000 notes with the Reserve Bank by the deadline.

This is the second window being provided to banks, post offices and cooperative banks for depositing the notes.

The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency.

A Finance Ministry notification issued on Wednesday said the specified bank notes may be deposited in any office of the Reserve Bank within a period of 30 days.

It further said that they should get the exchange value by credit to the account of such subject to the satisfaction of the RBI of the conditions specified.

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