{"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 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