Old cash deposit in Banks during demonetization period.



  • On 9th November,2016, Govt. Of India announced demonetization and cancelled Rs.500 and Rs.1000 notes. Every one was allowed to deposit any amount till 31st December,2016. Govt. Of India announced that Indian citizen can deposit the old currency notes in any branch of any bank. It later announced that banks will not charge for this transaction. In this it was not mentioned the type of account. Axis bank charged for depositing old currency notes in a branch other than home branch. This was deposited in current account.
    What is the correct status? Did Reserve Bank Of India issued notification for this? IIsmentioned


  • RTI Experts

    Depends.
    The Reserve Bank of India is a public authority and is under the scope of RTI Act.
    You could file an application to the RBI and obtain certified copies of any order or notification or any circular issued in the regard to the subject matter of your query.


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