Demonetisation: Last day for depositing scrapped notes in banks

After March deadline, people still holding the demonetised amount will face penalty, as per an ordinance passed by Union Cabinet earlier this week. 

Demonetisation: Last day for depositing scrapped notes in banks
From next week onward, only the Reserve Bank of India (RBI) will accept the demonetised notes from people till March 31,2017. Photo: Reuters
Written By: ZeeBiz WebTeam
Updated: Fri, Dec 30, 2016
11:48 am
Mumbai, ZeeBiz WebDesk
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Today is the last day of the 50-day period for depositing scrapped notes of Rs 500 and Rs 1000 under banks under Prime Minister Narendra Modi's demonetisation programme. 

From next week onward, only the Reserve Bank of India (RBI) will accept the demonetised notes from people till March 31,2017.

After March deadline, people still holding the demonetised amount will face penalty, as per an ordinance passed by Union Cabinet earlier this week. 

As per the ordinance, one cannot hold more than 10 notes of Rs 500 and Rs 1000 that have been termed illegal tender. 

So far, nearly Rs 13 lakh crore out of the 15.40 lakh crore of demontised bank notes has been brought back under the banking system. 
 

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