The Reserve Bank of India on Friday said that the exchange of banned Rs 500 and Rs 1000 notes will continue at RBI counters subjected to the limit of Rs 2000 per person.
“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members of public that exchange of banknotes in Rs 500 and Rs 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto.” RBI said in a statement.
On Thursday, the government has decided to stop the exchange of demonetised currencies at banks, effective from midnight of November 24.
“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,” the government said in a statement.
The government extended certain exemption in use of old 500 rupee notes till December 15 for certain utilities including petrol pumps, public transport, railway tickets and prepaid mobile recharges.
