SBNs accepted by DCCBs from 15-11-2016 onwards not acceptable for deposit-RBI

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:

1. 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.

2. SBNs accepted by DCCBs from November 15, 2016 onwards are not acceptable for deposit under the facility.

3. The facility will be available at RBI Regional Offices in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.
4. DCCBs may deposit eligible SBNs with RBI under the Bank’s Guarantee Scheme. Credit to the account of the bank concerned will be subject to satisfaction of RBI on the reasons for non-deposit of SBNs within the stipulated period.
5. DCCBs concerned may approach the RBI office under whose jurisdiction they operate.

6. 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.

7. Designated RBI Offices will accept SBNs till July 19, 2017.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager
Encl.: As above