Old bank notes exchange by banks discontinuation from 25-11-2016. Now such SBN of Rs. 500 and 1000 can be deposited in bank only or exchanged in RBI counters.
Reserve Bank of India
Discontinuation of over the Counters Exchange of SBN
RBI/2016-17/155
DCM (Plg) No.1391/10.27.00/2016-17
November 24, 2016
The Chairman / Managing Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural
Banks / Urban Cooperative Banks/ State Cooperative Banks
Dear Sir,
Discontinuation of over the Counters Exchange of SBN
Please refer to our circular DCM (Plg) No.1302/10.27.00/2016-17 dated November 17, 2016 on “Withdrawal of Legal Tender Character of existing ₹ 500 and ₹ 1000 Bank Notes – Exchange over the counters”.
2. On a review it has since been decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016.Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts.
3. Banks may ensure to facilitate opening of new accounts for unbanked people.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager
Dividing total turnover by 365 days and concluding that assessee could not have made such cash sale on a single…
NERIST Arunachal Pradesh invites EoI for Empanelment of Chartered Accountant firm North Eastern Regional Institute of Science and Technology, (NERIST)…
Sibsagar University invites Expression of Interest (EOI) for Appointment of Internal Auditor Sibsagar University invites Expression of Interest (EOI) from reputed…
In a recent judgment Andhra Pradesh High Court struck down Section 147A of the Income Tax Act, 1961 as unconstitutional.…
Bank was liable to pay compensation to borrower as it did not verify the progress of construction before loan disbursals…
No timeline mentioned in PMLA to forward the arrest order and the material in possession to the Adjudicating Authority. It…