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Published On: Sat, Nov 19th, 2016

RBI allows exchange of old notes till December 30

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greek-bank-queuesMUMBAI : The noose is getting tighter on those who are trying all possible means available to convert black money into white. The Reserve Bank of India on Friday announced that it will limit exchange of old notes into new ones at bank counters only once till December 30. The norm comes into effect starting Friday, November 18.

“On a review it has been decided that the limit of exchange of SBNs(Specified Bank Notes) in cash, across the counter of the banks shall be ₹ 2000 with effect from November 18, 2016. This facility will be available only once per person”, said the RBI in a note to the Chairman, Managing Director, Chief Executive Officer of all public, private banks, Regional Rural Banks, Urban and State Cooperative Banks.
However, there is no limit on making bank deposits.In another development, Indian Bank Association said on Friday that banks will exchange the notes only for their own customers tomorrow( Saturday), i.e. people who have bank accounts with them. So, individuals will have to the banks where they have accounts to change the notes.

However, the banks will exempt senior citizens from this and exchange demonetised notes for them regardless of whether they have accounts with the banks or not.Meanwhile, banks across the country will remain close on Sunday after they remained opened last weekend despite being holiday then.

The lending institutions will make use of Saturday to clear off the pending work.Also, government has cautioned Jan Dhan account holders, housewives and artisans that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till December 30.

The directive comes against the backdrop of reports that some are using other persons’ bank accounts to convert their black money into new denomination notes. In some cases, even rewards are being given to account holders for allowing such misuse.

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