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IMPORTANT ANNOUNCEMENT - Examination Timings - CA May - 2018 Examinations

An announcement dated 9th January 2018 informing the schedule and timings of the CA Examinations-May 2018 was hosted on www.icai.org The s...

Wednesday, 23 November 2016

Banks are advised not to take old notes for small savings scheme

As many people are trying different ways to use old notes in such a way to avoid facing consequences what govt is planning to do right after the deadline of Dec 30, it was noticed that banks were allowing customers to deposit old notes in small saving schemes like PPF, Sukanya Samridhi Scheme, etc.

Considering this, RBI has issued a notification, advising banks not to take such deposit for such small saving schemes.

Mean to say, now customers cannot deposit their old notes in PPF, SSS, etc.

There are two ways to get changed your old notes and that is either you deposit in your saving account or you can exchange them at bank counters only

Please note, Govt is going to be very strict on such transactions, as a Finance background person i can say its a good way to make a cashless economy, Govt is promoting digital transactions. So the time has come where we people shall start doing cashless transactions. 

Lets make a better INDIA..!

Notification link : Click here