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Old currency lying in coop banks, allow deposits
He said he had written to the Prime Minister and the Finance Minister that the old notes lying with DCCBs be allowed to be deposited in currency chests. According to Pawar, the district central cooperative banks (DCCBs) were saddled with large sums of junked currency after the RBI midway withdrew permission to them to accept the demonetised currency. Following the withdrawal of old Rs 500 and Rs 1,000 notes from circulation on November 8, 2016, the junked currency was allowed to be deposited or exchanged in banks. The DCCBs accepted and exchanged demonetised currency between November 10 and 13, 2016, but they were subsequently barred from doing so, leaving them with stacks of junked currency, Pawar said. After the permission to receive old notes was withdrawn, these banks could not deposit the junked currency they had in the treasury, he said, adding that such banks, as on November 17, 2016, had about Rs 8,000 crore in old notes.
Also, the old currency they hold is not being considered part of cash balance for determining the cash reserve ratio, thereby effecting their financial health, he said. DCCBs have to pay interest rate to deposit the old currency they had deposited in their accounts, he said. Following the withdrawal of old 500 and 1000 rupee notes from circulation on November 8, 2016, the junked currency was allowed to be deposited or exchanged in banks. ALSO READ | SC issues notices to Centre, RBI over plea refusing deposit of old currency notesHe said he has written to the Prime Minister and the Finance Minister that the old notes lying with DCCBs be allowed to be deposited in currency chests. Raising the issue during the Zero hour in the Rajya Sabha, the Maharashtra-strongman said the district central cooperative banks (DCCBs) were saddled with large sum of junked currency after the Reserve Bank midway withdrew its permission to them to accept the demonetised currency.
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collected by :John Miller