Deadline to deposit demonetised currency notes ends today

Dimapur, Dec. 30: Since Prime Minister Narendra Modi’s surprise announcement to demonetise Rs 500 and Rs 1000 notes from November 8, 2016, banks across the country had experienced harrowing time till December 30 evening, the last date to deposit the demonetised notes.

However, a private bank branch head of Dimapur said things settled within two weeks and deposits of money were done smoothly in Dimapur. “Dimapur is one of the fastest districts to recover from the unexpected demonetisation announcement as it is the main commercial point of the State. Nagaland as a whole recovered early compared to other states,” he said.

Refusing to divulge the amount received through deposit of demonetised notes till date, he said the only hardship faced was in withdrawal of money from the banks and limit on ATM transaction as there was not enough money available during the festive season. However, the problem of lower denomination notes continues to be a snag, he said adding the lower denomination notes are not adequate while higher denomination notes continue to pour in which needs to be planned out.

The constant change in RBI guidelines also added confusion to the bank employees and the public as well.

The old currency notes can be deposited till March 31, 2017 in Reserve Bank of India (RBI) counters after giving valid reasons. However, with no RBI counters in Nagaland, the only option for people having old currency notes is to travel to Guwahati to deposit them.

State Bank of India (SBI) Regional Office Dimapur, Assistant General Manager Thangboi Lunkim told Eastern Mirror unlike the initial period of demonetisation chaos, the SBI saw smooth functioning on Friday. Although Lunkim did not reveal the amount received in terms of deposit of the scrapped currency notes, he said the deposits were ‘negligible’.