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Demonetisation of Rs 500 and Rs 1000 notes: Banks to exchange old currency from today; extend working hours

From Today, Banks Will Be Open To Exchange Notes Of Rs 500 And Rs 1000, After The PM Went Up With His Demonetisation Move On Tuesday.

News Nation Bureau | Edited By : Apoorva Nawaz | Updated on: 10 Nov 2016, 10:52:51 AM
Demonetisation of Rs500 and Rs 1000notes: Banks to exchange old currency from today; extend working hours

New Delhi:

People thronged banks' counter to exchange old currency from Thursday morning. From Thursday, banks will be open to exchange notes of Rs 500 and Rs 1000, after the PM Narendra Modi went up with his demonetisation move on Tuesday. To ensure that customers face no trouble in exchanging, the Reserve Bank of India has also directed both private and public sector banks to remain open for longer working hours. 

Banks will also be open on coming Sunday and Saturday. 

In a statement, RBI said, "Bank branches will commence normal operations on November 10, 2016. Banks have to accord top priority to provide facility for exchanging / accepting deposits of Specified Bank Notes and open additional counters to meet the public demand and keep the counters open for extended ours, if necessary. Maximum staff should be deployed for this purpose. If necessary banks may consider hiring retired employees for a temporary period to take care of additional work load,"RBI said in its release.

According to new demonetisation move, cap of Rs 4000 per day has been made on a person till November 24. 

The limit will be eased after November 24.

Though there is no limit on deposits. 

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First Published : 10 Nov 2016, 08:00:00 AM