Consumers exchanged 500, 1000 rupee notes worth Rs 10 crore: RBI | business-news | Hindustan Times
Today in New Delhi, India
Feb 24, 2017-Friday
New Delhi
  • Humidity
  • Wind

Consumers exchanged 500, 1000 rupee notes worth Rs 10 crore: RBI

black money crackdown Updated: Nov 12, 2016 19:11 IST
Beena Parmar
Beena Parmar
Hindustan Times
Rs 500

People exchange the Rs 500 and 1000 notes at a special camp organised by a public sector bank in Chennai.(PTI Photo)

The Reserve Bank of India said that exchanges worth Rs 10 crore were made for the demonetised denominations of Rs 500 and Rs 1000 on Thursday.

“On November 10, 2016, about 10 crore exchange transactions were reported. Further, banks and RBI will be open on Saturday and Sunday to meet the urgent requirement of public and to ease the situation,” the RBI said in a statement on Saturday.

People can exchange the 500/1000 denominations worth Rs 4,000 with the new Rs 2000 notes or the other lower denomination notes at all bank branches and post offices till November 24.

In a bid to calm consumers, RBI said adequate stocks of other denomination notes -- which are legal tender, including Rs 2000 -- notes have been kept ready in the Currency Chests (of banks) located at more than 4,000 places across the country.

RBI said people don’t have to rush to the banks and as there is ample time to exchange the demonetised currency. The exchange transaction are available across the country till December 30, 2016 and even beyond, at specified RBI offices.

RBI also encouraged public to switch over to alternative modes of payment such as prepaid cards, credit/debit cards, mobile banking and internet banking.

“All those who have banking accounts under the Jan Dhan Yojana have been urged to use them. Such usade will alleviate the pressure on the physical currency and enhance the experience of living in the digital world,” RBI said.

Withdrawal from ATMs: Rs 2,000 per day per card till November 18. From November 19, one can withdraw up to Rs 4,000 per day.

Withdrawal from banks (cheque/withdrawal slips): Rs 10,000 per day per branch, up to a maximum of Rs 20,000 in a week (including ATM withdrawals till November 24).

The Reserve Bank further said that with a view to prevent misuse of the facility, the authorities are closely monitoring information received through these reports about exchange and deposit notes by the consumers in all banks, including cooperatives.

People can withdraw upto Rs 2,000/day till November 18 and Rs 4,000 daily after that.

Withdrawal from banks (cheque/withdrawal slips) can be Rs 10,000 per day per branch, up to a maximum of Rs 20,000 in a week -- including ATM withdrawals till November 24.