Old bank notes deposit in small savings scheme account not allowed-Ministry of Finance
F. No. 1/04/2016-NS
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated 22nd November, 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,
I am directed to state that Ministry of Finance has received references from banks whether currency notes of Rs. 500 and Rs. 1000, discontinued wef 9.11.2016 can be deposited in accounts opened under small savings scheme. The matter was examined in this Ministry and it has been decided that subscribers of Small Savings Schemes may not be allowed to deposit old currency notes of Rs. 500 and 1000 in Small Savings Scheme.
2. This may be complied strictly.
3. This has the approval of Secretary (Economic Affairs).
Yours faithfully
(Padam Singh)
Regional Director (Sr.)
Tele. No. – 011-23095155
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