Exchange of defunct notes for other currency to continue at RBI counters

The government has announced that such currency cannot be exchanged at bank counters any longer.

Updated - November 17, 2021 05:42 am IST

Published - November 25, 2016 11:16 am IST - New Delhi

Scrapped Rs. 500 and Rs. 1000 notes.

Scrapped Rs. 500 and Rs. 1000 notes.

Exchange of the now defunct Rs. 500 and Rs. 1,000 notes for other currency will continue at RBI counters, as such an exercise at bank counters came to an end on Thursday midnight, the government has announced.

Any holdings of the defunct notes will necessarily have to be deposited in bank accounts.

“The Reserve Bank of India advises members of public that exchange of banknotes in Rs. 500 and Rs. 1,000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto,” the central bank said in a statement.

The limit to exchange these notes was set at Rs. 2,000 a person recently.

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