City Banks geared up for last day for receiving banned notes

Bengaluru, 30 December 2016: With just a day left for depositing the demonetised notes, banks across the city witnessed a huge rush as large number of people came to deposit Rs 1,000 and Rs 500 currency notes. One of the persons who came to deposit scrapped notes said that he had to take half-a-day leave to visit the bank.

 

 

“I had few thousand rupees. I took half-day leave, stood in a queue and deposited the money. From January 1, I was told that we have to explain the reason for holding the banned notes or may face penalty.”

 

The deadline for depositing old currency in bank or post office accounts expires on Friday. But one can deposit the banned notes up to March 31, 2017, in select RBI counters.

 

“We had a tough day as people came in large numbers to deposit notes. The crowd was so much that we stopped all other work and concentrated only on accepting old notes,” a top official from a public sector bank told DH on condition of anonymity.

 

Many bankers are disappointed over the RBI issuing frequent notifications on demonetisation. “We don’t know what is there on December 31 or January 2, 2017. Our system gets blocked simultaneously. We are finding it difficult to cope with such frequent notifications from the central bank,” the official added.Holding old notes beyond a threshold may attract fine up to Rs 10,000 or five times the cash held.

 

Another top banker said, “For us, Thursday was a normal day. However, on Friday, we are expecting more crowd as it is the last day for depositing demonetised notes. We are prepared for it. Hopefully, there will be no fresh notification by the RBI.”

 

A banking expert said that all customers must find time and deposit by Friday. Henceforth, they have to visit the RBI which will see serpentine queues.It is only in the metro cities, where people are still holding old notes, he said.

 

“A majority of the customers in small towns have already deposited old notes and they are now visiting banks to withdraw money from their accounts,” said Purushotham A P, the manager of IDBI Bank, Chitradurga branch.

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