Daily Archives: November 24, 2016

No exchange of defunct Rs.500/- and Rs.1000/- from tomorrow

Breaking News No exchange of defunct Rs.500/- and Rs.1000/- from tomorrow. The government announced that exchange of old 500 and 1,000 rupee notes in banks and post offices will be stopped starting midnight.  The public can go to banks to deposit their old bills in their bank accounts and withdraw under the current limits. Government…

New scheme for depositing Specified Bank Notes (SBNs) collected by the banks

With effect from November 25,2016, all banks may deposit SBNs directly with the offices of RBI under whose jurisdiction they are located. These SBNs (defunct Rs.500/- & Rs.1000 notes) will remain, in the vaults of RBI, under the lock and key of the depositing banks till taken up for examination. The notes deposited by the banks…