RBI

Enough Cash is Available-RBI reassures and urges Public to exercise Patience not to rush and exchange notes at convenience

Enough Cash is Available-RBI reassures and urges Public to exercise Patience, not to rush and exchange old bank notes of 500 and 1000 at convenience

Reserve Bank of India

Date : Nov 11, 2016
Enough Cash is Available, RBI reassures; urges Public to exercise Patience and Exchange Notes at Convenience

In a statement issued today, the Reserve Bank of India has said that consequent to the withdrawal of Legal Tender Character of existing ₹ 500 and ₹ 1000 Bank Notes, it has made arrangements to distribute the notes in new ₹ 2000 and other denominations across the country.

There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016.

As mentioned in RBI communications, it may take a while for the banks to recalibrate their ATMs; once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of ₹ 2,000 per card per day up to November 18, 2016; and after that withdraw up to ₹4000 per day per card. Several ATMs have started functioning from this morning as the banks could complete recalibration of these machines to allow withdrawals up to ₹ 2000 to begin with.

The facility for exchanging the withdrawn denominations of ₹ 500 and ₹ 1000 is available for nearly 50 days. The Reserve Bank appeals to members of public to be patient and urges them to exchange their old notes at their convenience, any time before December 30, 2016.

Alpana Killawala
Principal Adviser

Press Release : 2016-2017/1182

----------- Similar Posts: -----------
Share

Recent Posts

  • Income Tax

Order not in conformity of Faceless Assessment Scheme if not est? – ITAT remands case

Order not in conformity of Faceless Assessment Scheme 2019 if not est? - ITAT remands the case in view of…

1 day ago
  • FCRA

Extension of the validity of FCRA registration certificates till 30.09.2024

Extension of the validity of FCRA registration certificates till 30.09.2024 Home Ministry has decided to extend the validity of FCRA…

1 day ago
  • Income Tax

Section 68 to 69B applicable only if assessee is required to maintain books of accounts

Provisions of section 68 to 69B applicable only if assessee is required to maintain books of accounts under provisions of…

2 days ago
  • Income Tax

When show cause notice proposed addition u/s 68, addition can not be made u/s 69A

When show cause notice proposed addition u/s 68 as unexplained cash credits, in assessment order addition can not be made…

2 days ago
  • Income Tax

AO directed to consider belated reply due to illegible copy of SCN u/s 148A(b)

AO directed to pass order u/s 148A(d) after considering belated reply filed by assessee after supply of legible copies of…

3 days ago
  • Income Tax

Limited scrutiny converted into complete scrutiny without permission illegal

AO converted limited scrutiny into complete scrutiny without obtaining permission and in violation of CBDT Instruction - ITAT quashed Assessment…

3 days ago