Members of public can exchange banknotes in ₹ 500 and ₹ 1000
denominations, whose legal tender status has been withdrawn, at Reserve
Bank of India counters up to the current limits (Rs 2,000 per day) per
person as hitherto, the central bank said.
However, such exchange facility is no longer available at other banks' counters.
On Thursday, the Government had said it has been observed that over the counter exchange of the old currency notes of Rs. 500 and Rs. 1,000 denomination has shown a declining trend.
In a statement, the Government said: "It has further been felt that
people may be encouraged and facilitated to deposit their old Rs. 500 and Rs. 1000 notes in their bank accounts.''
"This will encourage people who are still unbanked, to open new bank
accounts. Consequently, there will be no over the counter exchange of
old Rs. 500 and Rs. 1,000 notes after midnight of November 24,2016"
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