Old Notes May Not Be Allowed To Be Deposited In Small Saving Schemes - Ministry of Finance
Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme - Finmin Order 22.11.2016
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi
Dated 22nd November 2016
1. The Chief General Manager
Reserve Bank of India
Department of Government & Bank Accounts
Central Office, Byculla Office Accounts
4th floor, Opposite Mumbai Central Railway Station
Byculla, Mumbai - 400008
2. The Deputy Director General (FS)
Department of Posts
Dak Bhawan, Sansad Marg, New Delhi
3. The Joint Director & HOD
National Savings Institute
4. Deen Dayal Upadhyay Marg
Subject: Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme
I am directed to state that Ministry of Finance has received references from Banks whether currency notes of Rs.500 and Rs.1000, discontinued w.e.f.9.11.2016, can be deposited in accounts opened under small savings schemes. The matter was examined in this Ministry and it has been decided that subscribers of Small Savings Scheme may not be allowed to deposit old currency note of Rs.500 and Rs.1000, in Small Savings Schemes.
2. This may be compiled strictly.
3. This has the approval of Secretary (Economic Affaris).