Reserve Bank of India (RBI) announced that over the counter exchange facility will be withdrawn from all banks. After reducing exchange money from Rs.4500/- to Rs.2000/- the rush at banks has been decreased gradually.
'RBI issued notification and advises members of public that exchange of banknotes in Rs.500 and Rs.1000 denominations whose legal tender status has been withdrawn will continue to be available at the counters of RBI upto the current limits per person as hitherto', said RBI.
However, people can make exchange old currency notes only at RBI counters providing source of income proof.
To encourage public to for cashless transactions government moving slowly by issuing notification on demonetisation to ease digital transactions.
Telangana
Tuday
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