(Live Mint)
Reserve Bank of India’s estimate on invalidated notes received after demonetisation may still be incomplete, as old Rs 500 and Rs 1000 notes continue to lie with a few cooperative banks, according to three people aware of the matter. Eleven District Central Cooperative Banks (DCCBs) claim they hold old notes worth Rs 147 crore forming cash in hand balance as on 8 November 2016, according to one of the three people. However, RBI has refused to accept these notes of Rs 500 and Rs 1000 denomination lying with these banks.
Several DCCBs, including Villupuram DCCB, Kolhapur DCCB and Pune DCCB, have filed petitions in the Supreme Court requesting acceptance of these notes. The next hearing is slated on 4 September, said the three people cited above. Banks across India, including cooperative banks, started exchanging and receiving deposits of invalidated Rs 500 and Rs 1000 notes from 10 November. Four days later, on 14 November, the Reserve Bank of India (RBI) prohibited cooperative banks from accepting these notes. By then, as per Nabard data, about Rs 22446 crore was already deposited at 370 DCCBs and moved to RBI’s currency chests with no (know your customer) KYC verification.
