Demonetisation: Last Day To Deposit Scrapped Notes

New Delhi: The deadline to deposit old Rs 500 and Rs 1,000 notes in banks ends on Friday. From next week onward, those still holding the scrapped currency can deposit it only with the Reserve Bank of India till March 31, 2017.

After March 31, holding demonetised notes would be illegal and could invite hefty fines and even jail, according to an ordinance passed by the Union Cabinet on Wednesday. While some people are hoping for an extension in the deadline, the government maintained it had no plans to do so.

Prime Minister Narendra Modi is expected to address the nation on Saturday after his self-imposed deadline of 50-days for the situation to return to normal ends.