Post offices collect, exchange demonetised currency worth Rs 435 crore

Mumbai: Post offices across Maharashtra and Goa have collected as well as exchanged the demonetised currency notes worth around Rs 435 crore within two days, a senior official said on Saturday.

After Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1,000 notes, people have been thronging not only banks, but also post offices, to exchange the scrapped currency notes.

"On 10 November, our post offices collected savings deposits and exchanged demonetised notes worth around Rs 205 crore. On Friday, the day's collections went up to Rs 230 crore," Chief Post Master General of Maharashtra and Goa circle H C Agrawal told PTI.

The postal department had initially witnessed some problems in distribution of newly-printed currency notes.

"Now, the process of exchanging old notes with new ones, has been streamlined. The total value of transactions will go up in the coming days," he said.

Maharashtra and Goa circle has a vast network of 61 head post offices, 2,154 sub-post offices and 10,644 Gramin Dak Sewa.

Agrawal claimed the postal department's appeal to invest (using old notes) has fetched decent response and people have shown interest in postal savings and investment schemes.

"A number of people showed interest and have taken application forms to either open savings account in post offices or to invest their money in our different schemes. We are confident that they will soon become our full-time investors," he said.