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Shiv Sena takes credit for RBI accepting demonetized notes from co-operative bank

24 June 2017

While post offices and commercial banks were allowed to receive the old high-value currency notes till 30 December, district central cooperative banks were allowed to accept these only till 14 November.

A banking analyst, who did not wish to be named, told that this could mean that the counting exercise for withdrawn notes could be coming to an end as the government or the central bank are yet to publish the final numbers for the currency exchanged during the demonetisation period.

Many cooperative banks said the RBI had not been accepting their huge stockpile of old Rs 1,000 and Rs 500 currency notes that were banned under the demonetisation drive started on November 8 past year. Sources at the Maharashtra State Cooperative Bank, the apex body for all DCCBs in the state, confirmed that as of March 18, such banks have Rs2,771.86 crore in demonetised notes.

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Last night, NDTV aired a special report on how 7 months after demonetisation, the RBI was refusing to exchange old denomination notes deposited with district cooperative banks.

However, neither the government nor the RBI has till now announced the amount of demonetised currency that was deposited post demonetisation. District central cooperative banks were allowed to accept them only till November 14.

Kerala Finance Minister Thomas Isaac had even said that cooperative banks in the state have Rs 90,000 crore in deposits and Rs 75,000 crore in credits.

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Officials said the deposits would be accepted in pursuance of an assurance given to the Supreme Court by the government that proper verification of each account would be done before any decision was taken.

The Congress, NCP and the Shiv Sena had raised this issue time and again. They should also cite valid reasons for non-deposit of the specified bank notes within the period, it added.

The deposits can be made under Specified Bank Notes (Deposits by Banks, Post Offices and District Central Cooperative Banks) Rules, 2017.

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A total of 18 DCCBs in Gujarat had collected Rs2,200 crore in the first five days of demonetisation in November previous year and have since been storing them, uncertain about the fate of the corpus lying idle.

Shiv Sena takes credit for RBI accepting demonetized notes from co-operative bank