RBI allows banks to deposit old currency notes in district chests

Banks have been asked to make cash available at military outposts as well.

By: ANI | Mumbai | Published:November 28, 2016 1:17 pm
RBI, Reserve Bank of India, Old Currency State Chests, State money, Demonetisation, Demonetisation crisis, Demonetisation policy, india news In its notification, the RBI said banks not having a currency chest will deposit such notes in sealed boxes

The Reserve Bank of India (RBI) has allowed lenders to park old 500 and 1,000 rupee currency notes in currency chests at the district level in view of mounting deposits due to the ongoing domonetisation drive. In a statement, the RBI said a currency chest operating at the point to be called Designated Chest -DC will be required to operate a separate vault — to be named Chest Guarantee Vault CGV as an extended arm of it.

In its notification, the RBI said banks not having a currency chest will deposit such notes in sealed boxes and will get the value of the notes to the credit of their current account with the chest branch. The RBI notification also said that the facility will also be available at post offices if they are maintaining current account with the chest branch managing CGV.

RBI also said expenses relating to round-the-clock guarding will be borne by the central bank, if necessary. Expenses relating to remittance of old currency notes to the RBI will also be borne by the central bank. Old currency notes will be evacuated from district chests by the regional offices of the RBI.

The RBI has also asked banks to be cash-ready for pensioners and armed forces in the wake of limited currencies in the market following cancellation of Rs 500 and Rs 1,000 notes as demand for cash from government officials and pensioners is expected after electronic payment of their salary or pension.

Banks have been asked to make cash available at military outposts as well.

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  1. A
    ANIL SWAROOP
    Jan 20, 2017 at 8:00 am
    Where I can deposit 1000 RS old note to day 20/01/2017 in Bank .
    Reply
    1. M
      Meena
      Feb 2, 2017 at 9:39 am
      P M Modiji;lt;br/gt;I found old 1000 rupee notes in my old show case on 29-1-2017.now where to get it exchanged. Cannot travel all the way to Mumbai or Chennai.and stand in long queues.please suggest me a way out to encash my Hard Earned money.
      Reply
      1. S
        Shweta
        Jan 23, 2017 at 4:52 am
        What if we found old currency in today's date where shld Indian Resident got one deposit money if rbi is denying to take the money pls do reply to this question and take action against it
        Reply
        1. V
          Vish
          Nov 29, 2016 at 5:35 am
          It is all very well for RBI to ask banks to keep sufficient cash for meeting pension and ries. But, what about ensuring supply of adequate smaller denomination notes to banks and post offices at all branches, including rural and semi urban areas. May be RBI should use army vans to move cash to bank branches, ATMs.
          Reply