Banks stop - Exchange of old Rs 500, Rs 1,000 notes to continue only at RBI counters

Exchange of banned Rs 500 and Rs 1,000 notes will continue to be available at counters of the Reserve Bank of India (RBI), up to the current limits per person, the RBI said in a release on Friday. 

The announcement comes after the government, on Thursday, extended the last date for use of the denotified Rs 500 notes for allowed exemptions till December 15, and stopped the over-the-counter exchange of cash at banks with immediate effect.

Originally, the government had permitted the exchange of denotified Rs 500 and Rs 1,000 notes up to a limit of Rs 4,000, which was increased to Rs 4,500 five days later, only to be slashed to Rs 2,000 on November 17. As per an earlier press release from RBI, exchange of old notes was allowed till Dec 30, 2016.

According to the Finance ministry, Rs 1,000 notes would no longer be allowed to be used for the list of exemptions the government had announced. These notes can, however, be deposited in bank accounts.