Enough Cash is Available, RBI reassures; urges Public to exercise Patience and Exchange Notes at Convenience
Date : Nov 11, 2016
In a statement issued today, the Reserve Bank of India has said that consequent to the withdrawal of Legal Tender Character of existing ₹ 500 and ₹ 1000 Bank Notes, it has made arrangements to distribute the notes in new ₹ 2000 and other denominations across the country.
There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016.
As mentioned in RBI communications, it may take a while for the banks to recalibrate their ATMs; once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of ₹ 2,000 per card per day up to November 18, 2016; and after that withdraw up to ₹4000 per day per card. Several ATMs have started functioning from this morning as the banks could complete recalibration of these machines to allow withdrawals up to ₹ 2000 to begin with.
The facility for exchanging the withdrawn denominations of ₹ 500 and ₹ 1000 is available for nearly 50 days. The Reserve Bank appeals to members of public to be patient and urges them to exchange their old notes at their convenience, any time before December 30, 2016.
Press Release : 2016-2017/1182
- How to Exchange Rs 500 / Rs 1000 Bank Notes w.e.f 10.11.2016
- Rs 500 and 1000 exchange rules, Withdrawal & Payment limits summary
- Banks open on Saturday (November 12) and Sunday (November 13 2016 ) for public
- 8 Use of Rs 500 and Rs 1000 Bank Notes allowed w.e.f 09.11.2016
- RBI FAQs on Withdrawal of ₹ 500/- and ₹ 1000/- Bank Notes
- Salient features of scheme of Withdrawal of Rs. 500 and Rs. 1000
- New Rs 500 Bank Note Key Security Features
- Action to be taken by banks on November 09, 2016 sepcified by RBI
- Video:-PM’s address to Nation on Black Money (Hindi) -Bank Note Rs 500 and 1000 Ban
- Video:-PM’s address to Nation on Black Money (English) 08.11.2016
- Rs 500 / 1000 Notes banned : Text of Indian PM Address to Nation on 08.11.2016
- Withdrawal of ₹ 500 and ₹ 1000 Notes: RBI Notice
- Banks closed on November 9, 2016
- New Rs 500 Bank Notes issued by Reserve Bank of India
- New Rs 2000 banknotes issued by Reserve Bank of India
- ₹ 2000 Banknotes Key Features
- Rs 2000 Bank Note Notification by Govt of India
- ATMs Closed on 09.11.2016 in India, ATMs to resume functioning from November 11, 2016
- Rs 500 / Rs 1000 Bank Note withdrawal Notification of Govt of India