Demonetisation: No over-the-counter exchange of old Rs 500 and 1,000 currency notes at banks, only at RBI counters

The Reserve Bank of India said that it will continue to exchange of old Rs 500 and Rs 1,000 notes only at RBI counters.

Zee Media Bureau

New Delhi: The Reserve Bank of India (RBI) on Friday said that it will continue to exchange old Rs 500 and Rs 1,000 notes, a day after it said in a notification that over the counter exchange facility will be withdrawn from all banks..

However, people can make such exchanges only at RBI counters.

"The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and Rs 1000 denominations whose legal tender status has been withdrawn will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto," the RBI said.

"However such exchange facility is no longer available at other banks` counters," it added

"On a review it has since been decided that no over the counter exchange (in cash) of SBNs (Rs 500 and Rs 1000) will be permitted after midnight of November 24, 2016," RBI said yesterday.

Banks have been asked to encourage public who approach them for over the counter exchange of such currency to deposit the notes into their bank accounts.

Further, "banks may ensure to facilitate opening of new accounts for unbanked people" the central bank added.