Old Rs 500 & Rs 1000 notes can be exchanged at RBI counters

Mumbai, Nov 25 (KNN) The old currency notes of Rs 500 and Rs 1000 denominations, whose legal tender status has been withdrawn, can now be exchanged at the counters of the Reserve Bank of India (RBI) as the exchange facility is no longer available at other banks' counters.

However, the exchange will be allowed only upto the current limits per person as hitherto.

In a statement, RBI has advised the public that exchange of banknotes in Rs 500 and Rs 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank upto the current limits per person as hitherto. (However such exchange facility is no longer available at other banks' counters).

Meanwhile, on Thursday RBI had said that on a review it has since been decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016.

Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts.

Banks may ensure to facilitate opening of new accounts for unbanked people, RBI had said in a notification. (KNN Bureau)