You may get another chance to deposit old Rs 500, Rs 1000 notes

Source: Moneycontrol.com

If you still have a few scrapped Rs 500 and Rs 1,000 notes lying at home, the country’s central bank may soon have good news. The Reserve Bank of India is considering giving citizens another chance to deposit a limited sum of devalued notes, Hindustan Times quoted government and banking sector insiders as saying.

The report said people who had failed to deposit all their old currency before the December 30 deadline had been pleading with RBI to grant them relief.

According to a source quoted in the report, the issue being is looked into and the central bank is examining the possibility of opening another window for these “genuine people”. He added that the deposits, if allowed, would only be for smaller sums and for a limited to to ensure that the window is not misused. In addition, a valid reason would have to be given

On November 8, Prime Minister Narendra Modi had announced that 86 percent of the cash in circulation would be junked in a bid to crack down on black money. He had given a December 30 deadline for depositing these devalued bills in banks, and a March 31 deadline for depositing them at RBI offices. However, many citizens who visited RBI offices earlier this month were told that the March 31 deadline was only for NRIs and those who were abroad during the period that demonetisation was announced.