The government has asked the banks and post offices to submit junked ₹500 and ₹1,000 notes to the Reserve Bank of India latest by July 20. This is the second window which government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI after demonetization. The earlier window was open until December 31, 2016.
The Finance Ministry through the notification said that “Such specified bank notes may be deposited by such bank, post office or district central cooperative bank, as the case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules”. It also notifies that they will get the exchange value by credit to the account if RBI satisfies the condition specified by the organization.
Old ₹ 500 and 1,000 notes were junked from November 8, 2016, to eliminate the black money and the circulation of fake Indian currency notes.