Exchange of old notes to continue at RBI counters

Mumbai: The Reserve Bank of India (RBI) on Friday said the facility to exchange old Rs 500 and Rs 1,000 notes will continue to be available at its counters, but not at those of commercial banks. "The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and Rs 1000 denominations whose legal tender status has been withdrawn will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto," the RBI said. "However such exchange facility is no longer available at other banks' counters." The government on Thursday stopped the over-the-counter exchange of old notes with immediate effect. "It has further been felt that people may be encouraged and facilitated to deposit their old Rs 500 and Rs 1,000 notes in their bank accounts," the Finance Ministry said.