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Confiscated demonetised currency can be exchanged at RBI, banks: Centre

LiveMint logoLiveMint 01-06-2017 PTI

Kochi: The centre on Thursday informed the Kerala high court that the demonetised currencies of Rs500 and Rs1,000, if confiscated by law-enforcing agencies and produced before subordinate courts before 30 December last year, can be exchanged from the RBI and nationalised banks.

The centre, along with a statement filed before the high court, also produced a copy of a notification dated 12 May, issued by the department of economic affairs of the finance ministry, prescribing guidelines for exchange of confiscated notes. According to the notification, specified bank notes which have been confiscated or seized by law-enforcement agencies or produced before a court on or before 30 December 2016 may be tendered at any specified office of the RBI or a nationalised bank designated by the RBI for deposit in a bank account or exchange.

The proceedings were initiated suo motu by the high court on the basis of queries from district court centres regarding the custody and utilisation of the confiscated notes.

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