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January 28, 2017

RBI may accept old Rs 500 & Rs 1000 Notes again

The Reserve Bank of India (RBI) might permit citizens to deposit/exchange scrapped Rs 500 and Rs 1,000 currency notes once again. It's like giving yet another chance to people who failed to deposit by December 30th, 2016.

However, The limit for the deposit/exchange of old notes could be as small as Rs 2,000 per person. A decision in this regard is expected after Central Bank was flooded with requests from people who have old currency with them. Central Bank might permit this window for a limited period. 

With demonetisation, 86% of the currency in circulation has been scrapped. The situation is back to normalcy only after Government raised ATM withdrawal limit to Rs 10,000 per day. Still, Rural Areas are finding it hard to get lower denomination notes. This problem could be addressed only if Government starts dispensing denominations of Rs 10, Rs 20, Rs 50 and Rs 100.

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