government requests that banks store junked notes at RBI by July 20

New Delhi, Jun 21 The government has allowed banks and post workplaces to store trashed Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20.

This is the second window the government has given to banks, post offices and cooperative banks for depositing the junked notes with RBI.

The prior window was open till December 31, an after a long time of demonetisation of high esteem money.

"Such determined bank notes may be kept by such bank, post office or region focal helpful bank, by and large, in any office of the Reserve Bank, inside a time of 30 days from the beginning of these standards," said a government notification.

It additionally said that they ought to get the trade an incentive by credit to the record of such subject as per the general inclination of the RBI of the conditions indicated.

RBI will acknowledge stores gathered by any bank or post office by December 30, 2016 or by any District Central Cooperative Bank from November 10-14, 2016 ought to be kept inside 30 days, the notification said.

They ought to likewise refer to substantial explanations behind non-store of the predetermined certified receipts inside the period, it said.

Old Rs 500 and Rs 1,000 notes were junked from November 8, 2016 to wipe out black money and curb infusion and dissemination of fake Indian currency notes (FICNs).

India is the second-biggest maker and customer of money notes. Dissemination of banknotes has expanded to 90.27 billion pieces from 64.58 billion throughout the last five years.

As on November 8, 2016, the aggregate sum of money available for use was Rs 17.7 lakh crore, which included specified bank notes (SBNs) of Rs 500 and Rs 1,000.

According to the last authority check discharged by RBI on December 13, banks had earned Rs 12.44 lakh crore in banned notes till December 10.