Press "Enter" to skip to content

Still have old Rs 500, Rs 1000 notes? You may be allowed to deposit them

The government may provide another window to let you deposit the old, decommissioned Rs 500 and Rs 1000 notes, a report by Hindustan Times said on Thursday.

The report cited unnamed government and banking sources saying that several persons had written to the government and central bank seeking an opportunity to deposit their remaining old notes.

The window, if provided, would be for a limited period only and only for small denomination deposits, say for about Rs 2000.

The sources advised people who still have the delegalised Rs 500 and Rs 1000 notes, to hold onto them for now.

The government demonetised Rs 500 and Rs 1000 notes on November 8, in a bid to eradicate a parallel black money economy in the country and to rein in counterfeit notes that are used to fund terror activities. The move took out nearly 86% or Rs 15 lakh crore from the system.