Banned Rs 500, Rs 1000 notes can now be exchanged only at the Reserve Bank Of India (RBI) counters, announced RBI. This will be effective from midnight of November 24. The exchange facility for old notes has been stopped with effect from November 25, 2016.
As per RBI statement, the specified bank notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches of commercial banks/ Regional Rural Banks/ Co-operative banks or at any Head Post Office or Sub-Post Office.
District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts up to Rs 24,000 per week. No exchange facility against the specified bank notes (Rs 500 and Rs 1000) or deposit of such notes should be entertained by DCCB's.
The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on need.
RBI also pointed that, banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks' ATMs as well as at other banks' ATMs, irrespective of the number of transactions during the month. This waiver is applicable on transactions are done at ATMs from November 10, 2016 till December 30, 2016.