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Cash acceptance
As per RBI circular, credit co-operative societies are not authorised to accept demonetized Rs. 500 & Rs. 1,000 notes from members either towards deposits or loans. What are the consequences if they accept such notes? Can they deposit such notes to their bankers or only nationalised banks?
Replies (4)
The members are allowed to deposit any such cash with their own accounts of nationalized bank/s. Society should not accept any such cash now. Society can deposit the cash balance as on 08.11.2016 to their respective account of nationalised bank.
Sir. thanks for the reply. Please let also know me, What are the consequences if credit cooperative soceities accept cash from members from 8th November 2016 onwards?
Sir. thanks for the reply. Please let also know me, What are the consequences if credit cooperative soceities accept cash from members from 8th November 2016 onwards?
A lawyer can give you number of codes under IPC, for not obeying Governmental orders.
I understand that it will be just show-pieces for society.
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