No over counter exchange of old Rs. 500 and Rs. 1000 notes - RBI Instructions
RESERVE Bank of India has advised the Banks that:
On a review it has since been decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016. Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts.
Banks may ensure to facilitate opening of new accounts for unbanked people .
SBN mean Specified Bank Notes and the specified bank notes are the old Rs.500 and Rs.1000 notes.