District co-op banks await RBI nod for note exchange

While post offices and commercial banks were allowed to receive the old high-value currency notes till 30 December district central cooperative banks were allowed to accept these only till 14 November

India's cooperative banks have also been allowed to exchange old currency notes with the RBI, if they had collected these notes by 14 November, the statement said. The 31 DCCBs in the state were not allowed to exchange old Rs 500 notes five days after demonetisation was announced past year owing to concerns that these politically connected banks would be used to launder money.

Deposit of specified bank notes with the RBI, where in pursuance of the notification of the Government of India in the Ministry of Finance number S.O.

Almost eight months after demonetisation, just before midnight on Tuesday, the Centre issued orders to the RBI to accept the old scrapped Rs 500-Rs 1,000 currency notes lying with all the District Central Cooperative Banks (DCCBs). After demonetisation, the government gave holders of the junked currency a 50-day window to deposit it in their bank or post office accounts by December 30. They will also get the exchange value for such notes.

After the November 8 shock demonetisation announcement, the government had allowed commercial banks and post offices to accept the junked currency from the public till December 30.

Nafscob President and a confirmed BJP man Dileepbhai Sanghanai was full of praise "On behalf of the apex body of District Cooperative Banks and State Cooperative Banks NAFSCOB, I thank the govt for this decision".




Maharashtra's DCCBs had Rs 2,771.86 crore in old notes as of March 18, 2017. While BJP cooperators congratulated the govt outright, those opposed to the govt such as Congress, NCP and even Shiv Sena say the govt had to buckle before their pressure.

The junked notes can be deposited provided they are collected from customers within the specified time period.

After declaring old Rs 500, Rs 1000 notes invalid, RBI introduced new Rs 500 and Rs 2000 currency notes. However no exchange facility against the specified bank notes Rs 500 and Rs 1,000 or deposit of such notes should be entertained by the DCCBs.

As per the last official count released by RBI on 13 December, banks had garnered Rs.12.44 lakh crore in banned notes till 10 December.

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