Cooperative banks banks, post offices, get one more month to handover demonetised notes to RBI

Institutions that collected demonetised notes (Rs 500 and Rs 1,000) during November and December last year but did not deposit them with the Reserve Bank of India (RBI) have been given a 30-day breather by the finance ministry.

In a notification issued on Tuesday, the ministry said that commercial banks, post offices and cooperative banks can now deposit the notes provided they were collected within the authorised time-frame.

Commercial banks and post offices were allowed to accept these notes till December 30 while the time-frame for cooperative banks was restricted to November 14.

"The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016.