Exchange of old Rs 500, Rs 1,000 notes still possible at RBI counters

NEW DELHI: The Reserve Bank of India on Friday morning said that it will exchange old currency notes of Rs 500 and Rs 1000 at their counters a day after they disallowed banks from exchanging old notes at their counters. The RBI has not specified until what time the exchange facility would be available at their counter.

The RBI has 19 exchange counters across India where they are exchanging old invalid notes since the November 10, after Modi's government declared a war on blackmoney.

The development comes a day after government said that banks will no longer be able to exchange old invalid notes at their counter prompting many experts to point out there they is a lot of flip-flop in government policies on demonetisation. Country's largest bank SBI alone has done exchange of Rs 7053 crore between November 10 to November 24th.


The RBI in its notification has said that exchange facility will be available at their counter 'upto the current limits per person.' bankers say that this means that an individuals will exchange upto Rs 2000 person only once as they would apply indelible ink on their finger.