RBI

Withdrawal of old bank notes-Cooperative Banks to Strictly Comply with RBI Instructions for withdrawal of legal tender of 500 and 1000 bank notes

Withdrawal of old bank notes-Cooperative Banks to Strictly Comply with RBI Instructions for withdrawal of legal tender of 500 and 1000 bank notes

Reserve Bank of India

Date : Nov 15, 2016
Withdrawal of Legal Tender Character of Specified Bank Notes: RBI asks Cooperative Banks to ensure Strict Compliance to its Instructions

There were reports that some cooperative banks were not strictly adhering to the instructions issued in connection with the withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes). The Reserve Bank of India today informed that it has advised the Urban Cooperative Banks through its Regional Offices and the State Cooperative Banks through National Bank for Agricultural and Rural Development (NABARD) of the need to ensure strict compliance with the instructions issued with regard to exchange of specified bank notes as also deposit of such notes into the accounts of their customers.

Alpana Killawala
Principal Adviser

Press Release : 2016-2017/1215

Share

Recent Posts

  • Insurance

Liability under MV Act can’t be decided on the grounds of sympathy alone – Supreme Court

Liability under the Motor Vehicles Act can’t be decided on the grounds of sympathy alone but must be established by…

8 hours ago
  • ICAI

ICAI notifies dates of CA Foundation, Intermediate & Final Exams May 2026

ICAI notifies Dates of CA Foundation, Intermediate and Final Exams May 2026 The Institute of Chartered Accountants of India has…

9 hours ago
  • Income Tax

Interest u/s 234A can’t be levied on self-assessment tax paid before due date of filing ITR

Interest under section 234A cannot be levied on self-assessment tax paid before the due date of filing of return of…

11 hours ago
  • SEBI

SEBI defers timeline for implementation of Phase III of Nomination

SEBI defers timeline for implementation of Phase III of Nomination SEBI had issued a circular on “Revise and Revamp Nomination…

1 day ago
  • RBI

RBI revises directions on opening & Maintenance of CC, CA & OD by Banks

RBI revises directions on opening & Maintenance of Cash Credit accounts, Current Accounts and Overdraft Accounts by all Banks Reserve…

1 day ago
  • Income Tax

RP can not claim income tax refund for period prior to approval of resolution plan

Resolution Professional can’t claim income tax refund for a period prior to approval of the resolution plan In a recent…

1 day ago