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It’s Finally Here. The Deadline For Depositing Old Notes Ends Today

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The 50-day deadline to deposit the old Rs 500, 1,000 notes in banks comes to an end on Friday but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.

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People, however, will still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.

ATM Line

The government is also planning to come out with an Ordinance making possession of old Rs 500, 1000 notes beyond a specified limit for numismatic purposes illegal and punishable.

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Prime Minister Narendra Modi in a surprise announcement on November 8 declared the old Rs 500 and 1,000 notes invalid. The banks started accepting deposits in scrapped notes from November 10. However, a very few ATMs opened on November 11, as most of the machines had to be recalibrated, for people to get cash which was available in Rs 2,000 denomination.

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