Launching a bombshell Thursday evening the Reserve Bank of India wrote letters to District Central Co-operative Banks saying only SBNs exchanged and accepted as deposits by DCCBs from November 10 to 14, 2016, will be eligible for deposit till July 19.
Signed by P Vijaya Kumar, Chief General Manager of RBI the letter reads “Please refer to the Specified Bank Notes (Deposit by Banks, Post Offices and District Central Co-operative Banks) Rules, 2017 notified by the Government of India on June 20, 2017. In terms of para 2 thereof, it has been decided to accept from DCCBs Specified Bank Notes (SBNs), received by them from their customers within the period of November 10 to 14, 2016.
“ SBNs accepted by DCCBs from November 15, 2016 onwards are not acceptable for deposit under the facility” the letter reads.
It also says “ SBNs so received, will be subjected to detailed examination for accuracy and authenticity in the presence of representative from the DCCB concerned and thereafter, adjusted for shortage /excess and counterfeits”.
RBI has created facilities at its Regional Offices in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.
