Watch: Rs 500, Rs 1,000 notes banned: Banks to remain open for public this Saturday and Sunday

For the convenience of customers in depositing and exchanging old currency notes, Reserve Bank of India (RBI) has directed all banks to remain open for public on Saturday, November 12 and Sunday, November 13 after government after government demonetized Rs. 500 and Rs. 1000 notes on Tuesday night.

Earlier it was also directed that banks will open additional counters and work extra hours from November 10 to help people exchange Rs 500 and Rs 1000 notes that have been declared invalid.

Anticipating panic and rush at bank counters, RBI as well as government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.

Also read: Rs 500 and Rs 1000 notes demonetisation: Toll becomes free till midnight of November 11

Banks and post office are currently closed on November 9 to allow stocking of smaller currency notes and public will be allowed to tender their now invalid Rs 500 and Rs 1000 from November 10.

Public can deposit any amount of the invalid currency in their bank account till December 30 and also exchange them for lower banknotes at special counters at banks and post offices till November 24 but with a limit of Rs 4,000 in a day.

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Bank will, however, report any unusual transaction to Financial Intelligence Unit and tax authorities for scrutiny.

The new notes will come into circulation from November 10. Presently only Rs. 2000 from ATM and Rs. 10,000 from a bank account in a day can be dispensed.