Old bank notes Deposit allowed in post office savings account. Earlier Ministry banned demonetised notes deposits into small savings scheme accounts

Old bank notes Deposit allowed in post office savings account. Earlier Ministry banned demonetised notes deposits into small savings scheme accounts

It is no more a secret that the Government on demonetisation of Rs. 500/- and Rs. 1000/- bank notes, has been caught unprepared and each day varying guidelines are issued on trial and error basis. Latest is the order of the MoF which is in sharp contrast with its earlier order dated 22/11/2016. As per the latest order, the ban on deposit of demonetised notes in small savings scheme account have been removed from post offices savings accounts. The latest order is as under:

Old bank notes Deposit allowed in post office

F. No. 1/04/2016-NS.II
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated 23.11.2016

To

1. The Chief general Manager
Reserve Bank of India
Department of Government and Bank Accounts
Central Office, Byculla Office Building
4th Floor, Opposite Mumbai Central Railway Station
Byculla, Mumbai-400008

2. The Deputy Director
Department of Posts
Dak Bhawan, Sansad Marg, New Delhi

3. The Joint Director & HOD
Natinal Savings Institute
ICCW Building
4, Deen Dayal Upadhyay Marg
New Delhi-110003

Subject: Deposit of old demonetized notes of Rs. 500 and Rs. 1000 in small Savings scheme.

Sir,

In pursuance of this Ministry’s OM of even no. dated 22.11.2016,   on the subject. I am directed to clarify that the deposits into Post Office Savings Accounts are excluded from the bar imposed therein.

2. This has the approval of Secretary (Economic Affairs).

Yours faithfully

(Padam Singh)
Regional Director (Sr.)
Tele. No. – 011-23095155

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