RBI asks banks to email details of demonetised money collected today itself

RBI said that SBNs cannot form part of banks’ cash balances from the close of business as on December 31, 2016. Photo of RBI Governor, Urjit Patel. Image Source: Reuters

At the end of the 50 day deadline to extinguish old notes, the Reserve Bank of India (RBI) on Friday said all banks must email the details of old currency notes received today.

“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 collection of SBNs on December 30, 2016 itself at email. Banks should make arrangements to gather the information from all its branches accordingly,” the RBI said.

The report by RBI further said that all bank branches have accumulated SBNs as at the close of business on December 30 are required to deposit the same in any Issue Office of the Reserve Bank or a currency chest on December 31, 2016 itself.

“SBNs cannot form part of banks’ cash balances from the close of business as on December 31, 2016,” the RBI said.

However, District Cooperative Central Bank (DCCB)s may retain the SBNs received between November 10 and 14, 2016 till receipt of further instructions, the report added.

The RBI said, “Banks maintaining currency chests may make necessary arrangements to facilitate the deposit of SBNs received through linked branches /other branches of banks /post offices. Reporting of the transactions in ICCOMS will be enabled beyond 9.00 PM till all the deposits are received and accounted for.”

Further referring to the storage of SBNs the RBI said, “To facilitate storage of SBNs, 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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