Old notes on the decline: Sharp drop in scrapped notes deposited in Pune post offices

Twenty days later, on November 30, the number of Rs 500 notes deposited in post offices across the city had dropped to 9,122.

With each passing day, and with the deadline for depositing old currency – December 30 – coming closer, the amount of cash deposited in old Rs 500 and Rs 1,000 notes has been on the decline in post offices across the city. Just like Rs 500 notes, the number of Rs 1,000 notes deposited at post offices across the city since November 10 has been gradually decreasing.

While 53,776 notes were deposited on November 10, only 5,343 notes were deposited on November 30.

In total, as many as 4,20,733 Rs 1,000 notes were deposited between November 10 and November 30, while 10,49,659 Rs 500 notes were deposited in the same period.

Consequently, post-demonetisation, the total amount deposited with post offices has been decreasing day by day. While the total amount deposited with all the post offices in the city was Rs 13.67 crore on November 10, it was about Rs 99 lakh on November 30.

Between November 10 and November 30, a total of Rs 94.55 crore was deposited at post offices in the city.

“The deposits have been tapering gradually. Since demonetisation, other than savings account at the post offices, a large number of people have been diverting funds to long term investment schemes offered by post offices. In fact, it is these long-term schemes which have received larger amounts as deposits vis-a-vis saving accounts,” said Ganesh Sawaleshwarkar, postmaster general of Pune region.

Some of the long-term schemes offered by the postal department are Recurring Deposit Schemes, Senior Citizen Saving Scheme, Public Provident Fund, Monthly Income Scheme, Time Deposit, National Savings Certificate, Kisan Vikas Patra and Sukanya Samriddhi Accounts, among others.