Exchange of old Rs 500, Rs 1000 notes to continue at RBI counters
Posted on: 25/Nov/2016 12:51:01 PM
Starting from the midnight on Thursday, exchange of demonetized Rs 500 and Rs 1000 notes at banks is stopped and the same will be made at the Reserve Bank of India, according to a central bank statement released on Friday.
This statement clarifies that the members of public can get the demonetized Rs 500 and Rs 1000 bank notes that is withdrawn will however be available at Reserve Bank.
It will henceforth not be possible for getting the demonetized Rs 500 and 1000 notes at bank counters. These rupee notes should rather be deposited at bank accounts.
The deadline for deposit remains to be the same, 30th December and there is no change in this regard. For deposits made above Rs 2.5 lakh after 30th December, people need to share their bank details.
Remembering the announcement
On 8th November, there was a debilitating announcement by Prime Minister Narendra Modi that bank notes of Rs 500 and Rs 1000 will henceforth not be valid from the midnight on the date of announcement, as a move to eradicate black money.
However, there have been continual efforts being taken to comfort the public and inconvenience caused in this regard. To note, these rupee notes of Rs 500 and Rs 1000 value account to 86 percent of currency circulation in India.
