The demonetization that is being seen as a boon for the Indian economy has left the common man in a fix. The sudden ban of 1000 and 500 rupee notes, was something he did not expect. Though the government did make arrangements for the currency to be exchanged in the banks, with the banking sector working extra hours, this led to a huge ruckus. Thus, today the Indian Government has finally announced that the exchange of banned notes at the bank branches will no longer be entertained.
However, the people left stranded with the banned currency can deposit this into their respective bank accounts and then withdraw required amounts from the ATMs. An official working with a renowned centralized bank said, “The exchange of banned currency at the bank branches is no more possible. However, the RBI has declared that their counters across the country are still open for currency exchange.
So, the people who wish to get the old 500 and 1000 rupee notes exchanged should go to the RBI counters where the currency will be exchanged as per the limits imposed by the government.” The Reserve Bank of India has gone ahead and released a statement yesterday. It declared that starting today the banks will not exchange the banned 500 and 1000 rupee notes. The people can go to the RBI counters and get these exchanged with a limit of INR 2000 being the upper limit for all the citizens.