Several leaders from Sharad Pawar to those of Shiv Sena have been demanding permission for co-op banks to exchange old currencies but govt failed to pay heed to their requests. The Govt finally conceded their demand on Tuesday and allowed the exchange facility to be resumed for another month.
Those in know of things say that it was when several co-op banks of Maharashtra expressed their inability to follow the instructions of Chief Minister Devendra Fadnavis of giving Rs 10 thousand to small farmers that the Union Finance Ministry buckled. The issue of farmers finally forced them to concede, they argue.
The Finance Ministry on Tuesday allowed district central cooperative banks to deposit the scrapped Rs 500 and 1,000 rupee notes with the Reserve Bank of India within 30 days and exchange the value of notes deposit with the new notes, reports NDTV.
Banks and post offices have also been allowed the exchange facility. The Finance Ministry said, “Specified bank notes may be deposited in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules, and get the exchange value thereof by credit to their account.
Even after six months of demonetization, several co-op banks still have crores of cash in old currency.