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

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.)

Source : http://www.finmin.nic.in/SSS_22112016.pdf