Old currency notes may be deposited in post-office accounts

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Old currency notes may be deposited in post-office accounts

New Delhi, Nov 23, 2016: Old currency notes may be deposited in post-office accounts. The demonetised Rs 500 and 1,000 notes can be utilized for deposits in publish office savings accounts, the Finance Ministry clarified on Wednesday.

Old currency notes may be deposited in post-office accounts.

old-currency-notes-may-be-deposited-in-post-office-accounts“The deposits into Post Office Savings Account are excluded from the bar imposed therein (on deposits of demonetised Rs 500 and Rs 1,000 notes in small saving schemes),” a statement from the ministry stated.

The Reserve Bank of India (RBI) had earlier within the day asked banks to not settle for demonetised Rs 500 and Rs 1,000 notes for deposit within the small financial savings schemes, with quick impact. No purpose was assigned for the transfer as old currency notes may be deposited in post-office accounts.

“The government has determined that subscribers might not be allowed to deposit demonetised foreign money in small financial savings schemes. Banks are, subsequently, suggested to not settle for the previous Rs 500 and Rs 1,000 notes for deposits in small saving schemes with rapid impact,” RBI mentioned in a notification.

The small financial savings schemes embrace Public Provident Fund (PPF), National Savings Certificates (NSC), Senior Citizen Savings Scheme (SCSS) Account and Kisan Vikas Patra (KVP) amongst others when old currency notes may be deposited in post-office accounts.

The government introduced demonetisation of Rs 500 and Rs 1,000 notes on November eight midnight.

Photo Courtesy: profit.ndtv.com

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