Demonetisation: Government may offer second chance to deposit old notes of Rs 500 & Rs 1,000

If you have not deposited old currency notes of Rs 500 and Rs 1,000 in your banks, there could be an another opportunity to do so if the government has its way and may provide a second chance to citizens to deposit their old notes. 

The Reserve Bank of India (RBI) may allow citizens another chance to deposit the scrapped Rs 500 and Rs 1,000 banknotes but the exchange would be for a limited sum, The Hindustan Times reported quoting sources in the government and banking sector, as saying on Wednesday.   

“The amounts are as small as Rs 2,000… the issue is being looked into and the advice would be to hold on to those notes as we are examining (opening) another window for these genuine people,”cited the report quoting the source, as saying.

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The central bank has been flooded with queries and requests from people who failed to deposit all their money by the December 30 deadline, seeking relief, it added citing sources. 

According to the report quoting sources, if second chance of depositing old notes is allowed, deposits would only be for smaller sums to ensure that the window, which will be for a limited period, was not misused.

A government official said the amount expected from this window was minuscule.

Prime minister Narendra Modi on November 8 announced demonetisation of old currency notes of Rs 500 and Rs 1,000 notes to curb black money, terrorism and corruption which led to massive cash crunch across the country.

The government had provided the 50-day window for citizens to deposit the scrapped notes and set December 30 as the deadline. 

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