No Exchange Of Old Notes From Today, Except At RBI


NEW DELHI: The trading of old Rs. 500 and Rs. 1,000 notes for new money has been ceased at all banks from Thursday midnight, yet will proceed at the Reserve Bank of India, the national bank has said in an announcement at the beginning of today.

Here are the 10 most recent update in story:

1.”The Reserve Bank of India advises members of public that exchange of bank notes in  500 and 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto,” the RBI said.

2.So far, individuals could do a one-time swap of up to 2,000 rupees in old notes for new coin at all banks.

  1. from Friday morning They can just Deposit the old notes in their records and withdrawal new money through ATMs or checks at banks.
  2. The government has decided to do away with the trade-in to shift focus to encouraging people who currently do not have accounts to open them and deposit the abolished notes.

 5.Old notes can be kept till the end of the year.

6.The current utmost on withdrawal of up to Rs. 24,000 every week for every financial balance stays unaltered.

7.ATMs can be utilized to draw upto Rs. 2,500 a day for each card. Not as much as a large portion of the nation’s two-lakh ATMs have been reconfigured to handle the new coin which is bigger than the old bills in size.

8.Exemptions at open utilities have been stretched out till December 15. That implies petroleum pumps and state-run Hospitals will keep on accepting the old notes till then. Water and power bills can likewise be paid with the old notes till December 15.

9.The exceptions would just acknowledge the utilization of the old Rs. 500 notes. This implies Rs.1,000 notes will now be acknowledged just for stores into financial balances.

10.The RBI has multiplied the point of confinement on computerized exchanges through e-wallets like Paytm to Rs. 20,000 every month.