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 However, the central bank said that the exchange facility has been withdrawn from all other bank counters and limited to RBI counters only.

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members of public that exchange of banknotes in Rs 500 and Rs 1,000 denominations whose legal tender status has been withdrawn will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto,” the RBI said.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