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of <h1>RBI Ends Exchange of Rs. 500 and Rs. 1000 Notes at Banks; Final Deposits Due by December 31, 2016.</h1> The Reserve Bank of India announced the closure of the exchange scheme for Specified Bank Notes (SBNs) of Rs. 500 and Rs. 1000 denominations at banks as of December 30, 2016. Banks were instructed to report the collection of SBNs on the same day and deposit accumulated notes at the Reserve Bank or currency chests by December 31, 2016. District Central Cooperative Banks could retain SBNs received between November 10 and 14, 2016, pending further instructions. Banks were advised to arrange for secure storage of SBNs and facilitate deposits through linked branches and post offices.
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