Demonetisation: RBI may again allow deposit of old Rs 500 Rs 1,000 notes

New Delhi: In what could come as a pleasant new year surprise for the people, the Reserve Bank of India (RBI) may again allow deposit of old Rs 500 Rs 1,000 notes, as per a newspaper report.

The Hindustan Times, quoting government sources reported that the RBI may give “another chance to deposit the scrapped Rs 500 and Rs 1,000 banknotes but the exchange would be for a limited sum”.

“The amounts are as small as Rs 2,000,” HT, quoting the sources said. The miniscule amount for deposit would ensure that the window for deposit is not misused, the paper further said.

The 50-day deadline to deposit the old Rs 500/1,000 notes in banks came to an end on December 31.

People, however, will still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.

Prime Minister Narendra Modi in a surprise announcement on November 8 declared the old Rs 500 and 1,000 notes invalid.

After the demonetisation, the government had fixed a limit of Rs 24,000 per week on withdrawal from bank accounts and Rs 2,500 per day from ATMs in view of the currency crunch. However, the RBI has now enhanced the daily ATM withdrawal limit to Rs 10,000.

The government and the RBI has not specified when the restrictions will be completely withdrawn.

With Agency Inputs