 "A person stands with his documents to exchange old high denomination bank notes")
The Department of Financial Services (DoFS) has asked the heads of public-sector banks and the Indian Banks' Association to ensure bank branches clearly differentiate between deposits made in old Rs 500 and Rs 1,000 currency notes and new ones.
Action taken in this regard must be reported by the coming Friday, banks have been told. The branches should also inform customers about this, the department said.
In a letter addressed to the heads of public-sector banks and IBA, the department said that although most banks were providing correct information to their customers, it should be ensured that it’s done in all the cases without fail.
The letter further stated that to educate the public, banks clearly display a prominent sign (including in the local language) in their respective branches, requesting their customers to fill up deposit slips clearly indicating old and new currency and the denomination of the notes. Banks were asked to follow it scrupulously.
