SBNs accepted by DCCBs from 15-11-2016 onwards not acceptable for deposit-RBI. SBNs to be examined in detail in presence of DCCB representative
Specified Bank Notes held by DCCBs
RBI/2016-17/331
DCM (Plg) No.5720/10.27.00/2016-17
June 29, 2017
The Chairman / Managing Director/ Chief Executive Officer,
District Central Co-operative Banks
Madam/Dear Sir,
Specified Bank Notes held by DCCBs
Please refer to the Specified Bank Notes (Deposit by Banks, Post Offices and District Central Co-operative Banks) Rules, 2017 (copy enclosed) notified by the Government of India on June 20, 2017. In terms of para 2 thereof, it has been decided to accept from DCCBs Specified Bank Notes (SBNs), received by them from their customers within the period of November 10 to 14, 2016 as under:
SBNs exchanged / accepted as deposits by DCCBs from November 10 to 14, 2016, will be eligible for deposit. Balances of SBNs held as at the close of transaction on November 8, 2016 and still not deposited, are not eligible.
SBNs accepted by DCCBs from November 15, 2016 onwards are not acceptable for deposit under the facility.
SBNs so received, will be subjected to detailed examination for accuracy and authenticity in the presence of representative from the DCCB concerned and thereafter, adjusted for shortage /excess and counterfeits.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager
Encl.: As above
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