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Government asks RBI to accept demonetized notes

The government allowed the RBI to accept notes of Rs500 and Rs1000 demonetized last year, received by the District Central Cooperative Banks(DCCBs).

The gazette notification comes on a day when the Shiv Sena announced the endorsement of NDA presidential candidate. After the party had last week demanded that over Rs 2,270 crore lying with the DCCB be accepted by the Reserve Bank of India.

District Cooperative Banks can deposit demonetized notes collected from now during the five-day period, after demonetization was announced on November 8, 2016. with the Reserve Bank of India for 30 days.

The deposits can be made under Specified Bank Notes (Deposits by Banks, Post Offices and District Central Cooperative Banks) Rules, 2017.Last week, Maharashtra minister Dilip Raote had demanded that the government allow the RBI to accept the Rs 2,271 crore lying with the DCCBs.

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