The Reserve Bank of India has issued guidelines for banks with the closure of the facility of exchange of specified bank notes – Rs. 500 and Rs. 1000, at the close of business on December 30, 2016. All bank branches (other than those of District Central Co-operative Banks) that have accumulated notes are required to reveal their numbers. RBI in a press statement said, “With the closure of the facility of exchange of SBNs as at the close of business on December 30, 2016, all banks should report information on the collection of SBNs on December 30, 2016 itself at email.”
The central bank also mentioned that all banks need to gather information from all their branches in order to get the details on total deposits since November 10. However, DCCBs may retain the SBNs received between November 10 and 14, 2016 till receipt of further instructions, the report by Zee Business stated. Further referring to facilitate storage of SBNs, RBI said that banks maintaining currency chests may utilise additional space in their existing currency chest or additional storage space at the same centre with the proviso that it is as safe and secure as a currency chest.
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As on November 8, demonetisation of high-value currency notes caused severe inconveniences to the citizens as it wiped out as large as 86% of cash amount from the economy. This resulted in people with less or almost no cash in their hands. This move is an initiative taken up by the Centre to fight black money and corruption. Though the move was highly criticised by the Opposition and it continues to be the tool to target the PM Modi-led government.