Published On : Fri, Nov 25th, 2016

Exchange facility for Rs 500 and Rs 1000 to continue at RBI counters

reserve-bank-of-indiaNagpur:: RBI has just issued a statement on exchange of old currency notes:

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members of public that exchange of banknotes in 500 and 1000 rupee denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank upto the current limits per person as hitherto.”

Earlier the government has decided that from Friday, the outlawed notes can no longer be exchanged for new ones at bank counters. So far, people could do a one-time swap of up to 2,000 rupees.

The government has decided to do away with the trade-in to shift focus to encouraging people who currently do not have accounts to open them and deposit the abolished notes.

Old notes can be deposited till the end of the year.