Non-residing citizens will be able to exchange the old notes at RBI offices till June 30.
The exact amount of the old Rs 500 and Rs 1,000 notes deposited in the Indian banking system after demonetisation is likely to be known only after June 30, 2017, said RBI Deputy Governor S S Mundra on Wednesday. The central bank is in the process of counting all the old notes deposited at different bank branches in the country between November 10 and December 30, 2016.
"It is a work in progress. There are 4,000 currency chests in the country and RBI also keeps its money at 19 different places. We also have to take into account the old currency notes from countries like Nepal and Bhutan that have special arrangement with the government of India," said Mr Mundra in a press conference after the Reserve Bank of India kept its key rates unchanged today.
"There are two more deadlines of March 31 and June 30 (for specific categories) to deposit old notes. Only after calculating the money from all these sources we would be able to tell the exact amount of deposits in old currency notes," he said.
Also, resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, the RBI said in a late evening statement.
There is also a provision to deposit old notes at select RBI branches till March 31, 2017 for those who failed to do so by the December 30, 2016 deadline.
The government has also given time till March 31 to those wanting to declare unaccounted cash under Pradhan Mantri Garib Kalyan Yojana.
Prime Minister Narendra Modi had in November demonetised high denomination currency notes to curb the black economy. The move took out 86 per cent of the cash in circulation at the time or about 15.44 lakh crore.
"It is a work in progress. There are 4,000 currency chests in the country and RBI also keeps its money at 19 different places. We also have to take into account the old currency notes from countries like Nepal and Bhutan that have special arrangement with the government of India," said Mr Mundra in a press conference after the Reserve Bank of India kept its key rates unchanged today.
"There are two more deadlines of March 31 and June 30 (for specific categories) to deposit old notes. Only after calculating the money from all these sources we would be able to tell the exact amount of deposits in old currency notes," he said.
Also, resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, the RBI said in a late evening statement.
There is also a provision to deposit old notes at select RBI branches till March 31, 2017 for those who failed to do so by the December 30, 2016 deadline.
The government has also given time till March 31 to those wanting to declare unaccounted cash under Pradhan Mantri Garib Kalyan Yojana.
Prime Minister Narendra Modi had in November demonetised high denomination currency notes to curb the black economy. The move took out 86 per cent of the cash in circulation at the time or about 15.44 lakh crore.
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