Demonetisation: Exchange of banned Rs 500, 1000 notes to continue at RBI counters

The RBI said the facility of exchanging demonetised currency notes "is no longer available at other banks' counters."

By: Express Web Desk | New Delhi | Updated: November 25, 2016 11:29 am
rbi, rbi demonetisation, demonetisation rbi, reserve bank of india demonetisation, small savings scheme demonetisation, india news The RBI said the facility of exchanging demonetised currency notes “is no longer available at other banks’ counters.”

The Reserve Bank of India (RBI) on Friday morning declared that the exchange of banned Rs 500 and Rs 1,000 notes will continue at RBI counters up to current limits of Rs 2,000 per person. However, the central bank said that the exchange facility has been withdrawn from all other bank counters and limited to RBI counters only.

Watch What Else Is making News

“The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and Rs 1,000 denominations whose legal tender status has been withdrawn will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto,” the RBI said.

The government’s deadline for using old Rs 500 and Rs 1,000 currency notes was on November 24 midnight. On Thursday the government announced that all demonetised notes will no longer be exchanged at bank counters and any holdings will have to be deposited in bank accounts only.

The government also said that certain other exemptions relating to cancellation of legal tender character of old Rs 500 and Rs 1,000 notes has been extended up to December 15. The ones extended till December 15 include, payment of current and arrears dues to utilities which will be limited to only water and electricity.

For all the latest Business News, download Indian Express App

  1. M
    mathimathi
    Nov 25, 2016 at 1:16 pm
    common man poor poorer middle cl power upper cl at most crores daily duty, will be stand in queues in front of ATMS and banks for their new or old money hearing feku govt broadcasts like weather broadcast. ic govt ruling India.
    Reply
  2. R
    R.Mehta
    Nov 25, 2016 at 12:36 pm
    Why the govt is making everybody to rush to RBI for exchange of old notes .It can be continued with all banks as was done earlier as people can do other works relating to their banks while visiting there.
    Reply
  3. P
    Parth Garg
    Nov 25, 2016 at 8:20 am
    If these bank notes are banned from the midnight of 8th Nov. how could they be exchanged or accepted by certain agencies?
    Reply
  4. V
    Vihari Naidu
    Nov 25, 2016 at 6:07 am
    Those living in remote areas of the country would be delighted to travel to state capitals to exchange their notes in RBI offices, rather than the nearest bank. I am sure they will enjoy this experience.
    Reply
  5. R
    rahul
    Nov 25, 2016 at 6:21 am
    Looking like you have indeed lost a lot of black money...that bitterness is too personal ;)
    Reply
  6. A
    Agent lemon
    Nov 25, 2016 at 8:42 am
    It is obvo obvious in the comments to this subject in the pst days, that the rich Indian cl is fully disconnected from the poor. Only the poor and lower middle cl is suffering on this insane(you will see in a few weeks) decission. It is a total desaster for the millions living in the country side. That the credit card holding cl is supporting this is no surprise. They just do not care of their potion at all. But wait and see what will happen soon. You will not like it
    Reply
  7. A
    Agent lemon
    Nov 25, 2016 at 2:52 pm
    Oh yes, these MILLIONS will enyoy this chaos. They have no time for days to make a living for themselfs and for the families. 10 000 s of weddings.....unable to finance. Musicians, Cooks, helpers and and and.......no cash there to make. Sorry, Mr. Modi.....this is crazy or a paid mtest for the western world? What is this? You are risking blood in the streets. Have a look! It has begun already.
    Reply
  8. Load More Comments