Banks/ Post Offices (except RBI) stopped Exchange of Old Currency Notes

No More Exchange of Old Currency Notes of Rs. 500 and Rs. 1000 from 25 Nov. 2016 at Banks/ Post Offices (except RBI): GOI

Govt. has stopped exchange of old currency notes of Rs. 500 and Rs. 1000 at Banks/ Post Offices w.e.f. 25 Nov. 2016, however these old banknotes can be exchanged at the RBI as per current applicable limit for exchange/ per person. Related circulars / notifications are as under:

Govt. has reviewed the position and has decided to stop exchange facility for old currency notes of Rs. 500 and Rs. 1000 w.e.f. 25 Nov. 2016 as it has observed that over the counter exchange of the old currency notes of Rs. 500 and Rs. 1000 denomination has shown a declining trend. Govt. 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 to open and maintain bank accounts. Consequently, it has been decided by the Govt that there will be no over the counter exchange of old Rs. 500 and Rs. 1000 notes after midnight of 24.11.2016.

GOI Press Release dt. 24 Nov. 2016

RBI Notification dt. 24 Nov. 2016

However RBI has clarified that exchange of old banknotes of Rs. 500 and 1000 denominations will continue to be available at the RBI as per current applicable limit for exchange/ per person.

RBI Notification dt. 25 Nov. 2016

Leave a Reply