{"id":138001,"date":"2017-06-21T10:58:31","date_gmt":"2017-06-21T05:28:31","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=138001"},"modified":"2017-06-21T10:58:31","modified_gmt":"2017-06-21T05:28:31","slug":"district-central-cooperative-banks-allowed-to-deposit-demonetised-notes-with-rbi","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/21\/district-central-cooperative-banks-allowed-to-deposit-demonetised-notes-with-rbi\/","title":{"rendered":"District Central Cooperative Banks\u00a0allowed to deposit demonetised notes with RBI"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>G.S.R. 611(E).\u2014<\/strong>In exercise of the powers conferred by sub-section (1) of Section 11 of the Specified Bank Notes\u00a0(Cessation of Liabilities) Act, 2017 ( 2 of 2017), the Central Government hereby makes the following rules, namely:<br \/>\n1.<strong> Short title and commencement.\u2014<\/strong>(1) These rules may be called the Specified Bank Notes (Deposit by Banks,\u00a0Post Offices and District Central Cooperative Banks) Rules, 2017.<br \/>\n(2) They shall come into force on the date of their publication in the Official Gazette.<br \/>\n2. <strong>Deposit of specified bank notes with Reserve Bank.\u2014<\/strong>(1) Where in pursuance of the notification of the\u00a0Government of India in the Ministry of Finance number S.O. 3407(E), dated the 8th November, 2016, published in the\u00a0Gazette of India, Extraordinary, the specified banks notes have been accepted from their customers,\u2014<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">(a) by any Bank or Post Office on or before the 30th December, 2016; or<br \/>\n(b) by any District Central Cooperative Bank within the period of 10th November to 14th November, 2016,<\/p>\n<p style=\"text-align: justify;\">\u00a0such specified bank notes may be deposited by such Bank, Post Office or District Central Cooperative Bank, as the\u00a0case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules, and get\u00a0the exchange value thereof by credit to the account of such Bank, Post Office or District Central Cooperative Bank, as the\u00a0case may be, subject to the satisfaction of the Reserve Bank of the conditions specified in the said notification and the\u00a0reasons for non-deposit of the specified bank notes within the period under that notification.<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<br \/>\n(Department of Economic Affairs)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>G.S.R. 611(E).\u2014In exercise of the powers conferred by sub-section (1) of Section 11 of the Specified Bank Notes\u00a0(Cessation of Liabilities) Act, 2017 <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[18711,18721,2611],"class_list":["post-138001","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-demonetised-notes","tag-district-central-cooperative-bank","tag-RBI"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>District Central Cooperative Banks\u00a0allowed to deposit demonetised notes with RBI | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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of Indian Currency","author":"Bhumika Indulia","date":"December 22, 2021","format":false,"excerpt":"by Pramod Rao\u2020","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=700%2C400&ssl=1 2x, 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Khehar, CJ and Dr. D.Y. Chandrachud, J asked the Centre and the Reserve Bank of India to consider the option of allow the deposit of the old Rs. 500 and Rs. 1000 notes to those who were not able to deposit the demonetised notes\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":85761,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/16\/rbi-dccbs-can-allow-existing-customers-to-withdraw-up-to-rs-24000-from-their-accounts\/","url_meta":{"origin":138001,"position":2},"title":"RBI: DCCBs can allow existing customers to withdraw up to Rs 24,000 from their accounts","author":"Saba","date":"November 16, 2016","format":false,"excerpt":"Withdrawal of Legal Tender Character of existing Rs 500\/- and Rs 1000\/- Bank Notes \u2013 Applicability of the Scheme to DCCBs Please refer to our\u00a0Circular No. DCM (Plg) No.1226\/10.27.00\/2016-17 dated November 08, 2016\u00a0on the captioned subject. It is clarified that District Central Cooperative Banks can allow their existing customers to\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85991,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/16\/rbi-updated-faqs-on-withdrawal-of-specified-bank-notes\/","url_meta":{"origin":138001,"position":3},"title":"RBI: Updated FAQs on Withdrawal of Specified Bank Notes","author":"Saba","date":"November 16, 2016","format":false,"excerpt":"FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs 500\/- and Rs 1000\/-\u00a0[Updated as on November 16, 2016] 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":280829,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/02\/supreme-court-upholds-central-governments-decision-of-demonetising-rs-500-and-rs-1000-currency-notes-legal-research-legal-news-updates\/","url_meta":{"origin":138001,"position":4},"title":"Supreme Court upholds Centre&#8217;s decision of demonetising Rs. 500 and Rs. 1000 currency notes","author":"Editor","date":"January 2, 2023","format":false,"excerpt":"Supreme Court: In a petition against the demonitisation of Rs. 500 and Rs. 1000 currency notes in 2016, the Constitution Bench of S. Abdul Nazeer, B.R Gavai*, A.S. Bopanna, V. Ramasubramanian, B.V. Nagarathna**, JJ. has upheld the Centre's 2016 demonetisation scheme in a 4:1 majority and held that demonetisation was\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"decision of demonetising","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/01\/MicrosoftTeams-image135.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":280876,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/03\/demonetization-note-ban-supreme-court-nagarathna-gavai-constitution-bench-reserve-bank-india-fake-currency-balck-money-terror-financing-proportionality-legal-research-updates-news-law-explainer\/","url_meta":{"origin":138001,"position":5},"title":"Demonetisation Verdict: Breakdown of the majority and minority opinions","author":"Prachi Bhardwaj","date":"January 3, 2023","format":false,"excerpt":"While BR Gavai, J has written the majority opinion for himself and SA Nazeer, A.S. 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