Demonetisation: Deadline to deposit old Rs 500 and Rs 1,000 notes in RBI ends today

New Delhi: The queues at the designated RBI offices seem to be spilling over as the deadline for exchange of invalid notes by residents who were abroad during the cash ban window draws to a close on Friday.

The anxiety is palpable as people are leaving nothing to chance and lining up at the RBI office in the national capital from the night itself so that they get to deposit the currency next day.

People queue outside Reserve Bank of India in Kolkata, West Bengal as deadline for exchange of demonetised notes ends today. pic.twitter.com/neQcFDkwHj — ANI (@ANI_news) March 31, 2017

The Reserve Bank has allowed Indian citizens who were abroad during November-December 2016 to exchange the scrapped notes up to March 31 and NRIs up to June 30. This facility is available at RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur only.

For some reasons or the other, there are several people who have not been able to deposit or exchange the junked notes or have discovered them after the end of the demonetisation period on December 30, who are now making a last-ditch effort.

On March 28, in a written reply to the Rajya Sabha, Minister of State for Finance Arjun Ram Meghwal had said ineligible persons queuing up at the Reserve Bank were responsible for longer queues.

People queue outside Bhopal Reserve Bank of India office as deadline for exchange of demonetised notes ends today. pic.twitter.com/aLuEDw6CRB — ANI (@ANI_news) March 31, 2017

The minister said the RBI has posted detailed instructions on its website clearly showing the eligibility parameters and other necessary documents required to be tendered for exchange of old notes.

After scrapping the old Rs 500 and 1,000 notes on November 8, the government had permitted people to deposit the same in banks up to December 30, 2016.

Prime Minister Narendra Modi in his address to the nation on November 8 had said, "There may be some who for some reason, are not able to deposit their old Rs 500 or Rs 1,000 rupee notes by December 30, 2016. They can go to specified offices of the Reserve Bank of India up to March 31, 2017 and deposit the notes after submitting a declaration form."