Making a zero hour submission in the Rajya Sabha, Pawar made a passionate plea to the government for allowing the old currency lying with district central cooperative banks (DCCBs) to be deposited with currency chests. "Thus the DCCBs received deposits of specified bank notes (old currency) from 10 November, 2016 to 13 November, 2016. However, on 17 November 2016, Reserve Bank of India issued guidelines to Currency Chest Banks restricting them from accepting SBNs from DCCBs. Again on 14 November, 2016, DCCBs were restrained from accepting or exchanging the old notes. ALSO READ: Delhi Police recovers Rs4.23 crore cash in scrapped notes from businessmanBetween this period, throughout India, 371 DCCBs received deposits worth Rs44,000 crore.
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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
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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