Old Notes May Not Be Allowed To Be Deposited In Small Saving Schemes - Ministry of Finance

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

F.No.1/042016-NS

Ministry of Finance

Department of Economic Affairs

(Budget Divisional)

North Block, New Delhi

Dated 22nd November 2016

To

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

ICCW Building

4. Deen Dayal Upadhyay Marg

New Delhi-110003

Subject: Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme

Sir,

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).

Yours faithfully,

sd/-

(Padam Singh)

Regional Director(Sr.)