2017-06-22 Thu

By 20th July, banks and post offices have been officially allowed by the Government to deposit old Rs 500 and Rs 1,000 notes with the Reserve Bank. This is the second window provided by the government. The earlier window was until 31st December. The exchange value can be redeemed by crediting to the account as per conditions of RBI. There have to be valid reasons for non-deposit of the specified bank notes within the period.

India is the second-largest producer and consumer of currency notes. There has been an increase by 90.27 billion pieces in circulation from 64.58 billion over the last five years. Rs 17.7 lakh crore rupees in old currency notes were in circulation as on 8th November 2016. Rs 12.44 lakh crore in banned notes were received until 10th December as per reports that were released by RBI on 13th December.