On Friday morning, the Reserve Bank of India announced that, the old currency notes of Rs. 500 and Rs. 1000 can be exchanged at RBI counters. The announcement has been made just after the old notes exchange was discontinued. Also, the last date of exchange has not been specified yet.
As there are 19 RBI counters throughout the India, so there will be 19 notes exchange points across the country.
Since, the introduction of demonetisation, there has been a constant fluctuation in the government policies and we can hardly comment on the duration of any new policy. As per the reports, State Bank of India has exchanged the sum of Rs. 7053 between the dates of November 10 and November 24th, 2016.
The RBI has also mentioned that, the exchange facilities will be available as per the limits prescribed on every person. This means that, every person can exchange Rs. 2000 and the indelible ink will be applied on their finger to avoid the duplication.
On the ban of old notes exchange on other bank counters, RBI (Reserve Bank of India) said that, “The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and Rs 1,000 denominations whose legal tender status has been withdrawn will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto”.
The old currency will be acceptable for paying water and electricity bills only till the date decided by the government.
Also, in the exempted categories, the payments will be accepted via Rs. 500 notes only.
Government justifies this rigid decision by saying that, “It has further been felt that people may be encouraged and facilitated to deposit their old Rs.500 and Rs. 1000 notes in their bank accounts. This will encourage people who are still unbanked, to open new bank accounts”.