RBI/2016-17/139

DCM (Plg) No.1302/10.27.00/2016-17

November 17, 2016

The Chairman / Managing Director/Chief Executive Officer,

Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign Banks

Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks

Dear Sir,

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Exchange over the counters

Please refer to our Circular No. DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject.

2. On a review it has been decided that the limit of exchange of SBNs in cash, across the counter of the banks shall be ₹ 2000 with effect from November 18, 2016. This facility will be available only once per person.

3. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)

Chief General Manager

Withdrawal of legal tender: one-time limited over-the-counter exchange allowed for specified demonitised banknotes from banks, effective immediately Withdrawal of Legal Tender of existing 500 and 1000 banknotes ceases their legal tender status and permits a one-time over-the-counter exchange of the demonetised denominations at bank counters up to a limited value per person; the facility is available only once per person and is effective as notified, with banks required to implement the counter exchange and acknowledge receipt.