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Exchange of old Rs 500 and Rs 1,000 notes to continue at RBI counters

Currently reading: Exchange of old Rs 500 and Rs 1,000 notes to continue at RBI counters
India TV Business Desk, Mumbai [Updated:25 Nov 2016, 11:51:24]

The exchange of old Rs 500 and Rs 1,000 notes will continue to be available at the counters of the Reserve Bank of India (RBI), the central bank said in a statement today. The clarification comes after the government ended the cash swap window at banks in view of reports of the facility being misused. 

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members of public that exchange of banknotes in Rs 500 and Rs 1000 denominations whose legal tender status has been withdrawn will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto," the RBI said.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

The government had yesterday extended the last date for use of the scrapped Rs 500 notes till December 15, and stopped the over-the-counter exchange of cash with immediate effect.

According to the Finance Ministry, Rs 1,000 notes will no longer be allowed to be used for the list of exemptions the government had announced. These notes can, however, be deposited in bank accounts.

Originally, the government had permitted the exchange of denotified Rs 500 and Rs 1,000 notes up to a limit of Rs 4,000, which was increased to Rs 4,500 five days later, only to be slashed to Rs 2,000 on November 17. According to the RBI, the scheme to exchange notes was valid till December 30.

File pic - Old Rs 500 and Rs 1,000 notes - India Tv
File pic - Old Rs 500 and Rs 1,000 notes