The Reserve Bank of India has asked banks to report details of deposits of Rs. 1,000 and old Rs 500 notes to it after the close of banking hours on Friday, which is the last date for banks to accept the invalid currency.
“With the closure of the facility of exchange of SBNs [defunct notes] as at the close of business on December 30, 2016, all banks should report information on collection of SBNs on December 30, 2016, itself at e-mail,” the central bank said in a notification.
All bank branches, except district cooperative central bank (DCCBs), which have accumulated old notes at the close of business on Friday, are required to deposit these in the office of the RBI or a currency chest on Saturday, the RBI said.
The old notes cannot form part of banks’ cash balances from the close of business as on Saturday, the central bank added.