Demonetisation aftermath: Citizens may get second chance to deposit old notes

The RBI may allow people another chance to deposit demonetised currency notes.

The Reserve Bank of India may allow citizens a second chance at depositing the scrapped Rs 500 and Rs 1,000 banknotes but the exchange would be for a limited sum.

According to sources in the government and banking sector, the central bank has been flooded with queries and requests from people who failed to deposit all their money by the December 30 deadline, seeking relief.

"The amounts are as small as Rs 2,000. The issue is being looked into and the advice would be to hold on to those notes as we are examining (opening) another window for these genuine people," the source told Hindustan Times.

Several people kept finding old devalued notes tucked away in the most unexpected of places. One query came from a person who found a Rs 1,000 bill nestled inside a novel.

If allowed, say sources, deposits would only be for small sums. This would ensure that the limited time opening was not misused, sources added. A government official said the amount expected from this window was minuscule.

The government had set December 30 deadline for depositing junked bills in banks when Prime Minister Narendra Modi on November 8 announced the recall of the two high-value notes.