TIRUPATI: The Reserve Bank of India (RBI) categorically said that demonetised notes of Rs 500 and Rs 1,000 denominations and cut notes have to be sent to the RBI office, but these would not be exchanged, the Tirumala Tirupati Devasthanams (TTD) has to bear courier expenses also.The RBI organised a meeting with bankers in Tirupati on Thursday with regard to coin currency management. The TTD officials who attended the meeting sought suggestions on disposal of Rs 26-crore old notes piled up with them.
The RBI officials clarified that at present it is not possible for exchanging demonetised notes either for individual or any institution. The TTD has to deposit its coin currencies daily in banks and the RBI officials told the banks to receive the coins without any hesitation. The bankers have to send those to all other banks for distribution. The other end should accept the same.
The TTD officials were asked to send 25 paise, 5 paise, 10 paise, 20 paise coins, which were taken out of circulation since 2011 to Mumbai mint. With regard to 40 tonnes of foreign coins with the TTD, the RBI officials said the Devasthanam has to deal with them on its own.
Coin Mela held
A Coin Mela was conducted at the municipal vegetable market in the temple town on Thursday with the help of Andhra Bank. Lead Bank Manager Rammohan Rao and other officials were present. According to the RBI guidelines, all the banks need to conduct coins melas regularly. Banks have been asked to receive coins from the TTD and distribute the same to customers along with the paper currency. The TTD can deposit coins received by it through Hundi offerings, in the banks as usual along with paper currency.