With the closure of the facility of exchange of specified bank notes -- Rs 500 and Rs 1000 -- as at the close of business on December 30, 2016, the Reserve Bank of India has asked all banks to report information on collection of SBNs on the same day itself.
The central bank said banks should make arrangements to gather the information from all their branches accordingly.
All bank branches (other than those of District Central Co-operative Banks) who have accumulated SBNs as at the close of business on December 30, 2016 are required to deposit the same in any Issue Office of the Reserve Bank or a currency chest on December 31, 2016 itself.
SBNs, according to the RBI, cannot form part of banks’ cash balances from the close of business as on December 31, 2016.
DCCBs, however, may retain the SBNs received between November 10 and 14, 2016 till receipt of further instructions.
The central bank has asked banks maintaining currency chests to make necessary arrangements to facilitate the deposit of SBNs received through linked branches /other branches of banks /post offices.
Reporting of the transactions in Integrated Computerized Currency Operations and Management System (ICCOMS) will be enabled beyond 9.00 PM till all the deposits are received and accounted for.
To facilitate storage of SBNs, banks maintaining currency chests may utilise additional space in their existing currency chest or additional storage space at the same centre with the proviso that it is as safe and secure as a currency chest.