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Exchange of old notes News

03 Jan 2017

Demonetisation: RBI turns away people wanting to exchange old notes

Hundreds thronging the RBI office to exchange old Rs 500 and 1,000 notes returned empty handed as the central bank is allowing the facility only for NRIs or those who were abroad during the 50-day demonetisation period.

18 Dec 2016

These 'change agents' can get up to Rs 5 crore of black money exchanged per day

The Income Tax department has conducted over 200 black money related search operations since the announcement of demonetisation and have found crores, not just in old currency, even in new 2,000-rupee notes that are not so easily available at banks and ATMs yet.

25 Nov 2016

Demonetisation: No over-the-counter exchange of old Rs 500 and 1,000 currency notes at banks, only at RBI counters

The Reserve Bank of India said that it will continue to exchange of old Rs 500 and Rs 1,000 notes only at RBI counters.

24 Nov 2016

Demonetisation: Govt puts total ban on over-the-counter exchange of old notes

In yet another shocker for the public, the central government on Thursday decided to put a total ban on exchange of old Rs 500 and Rs 1000 notes over the counter.

18 Nov 2016

Unsung heroes: Bank staff who work overtime to provide you with cash!

While millions are struggling to deposit or exchange the demonetised currency and withdraw money from banks, it is the staff of nationalised and private banks who are facing the brunt of the government move to spike the Rs 500 and Rs 1,000 notes.

16 Nov 2016

Demonetisation: No need to submit photocopy of I-cards for exchanging old currency notes

The customers are only required to be present at the bank and show valid proof – photocopies are not required.

16 Nov 2016

Demonetisation: Banks start using indelible ink to check repeat money exchange

The move, which comes a week after PM Modi`s surprise decision to invalidate 500 and 1,000 rupee notes, is also aimed at preventing large queues at banks and stop people from exchanging more than the permissible limit of money.

15 Nov 2016

From Wednesday, banks to use indelible ink to check repeat money exchangers

The move, which comes a week after PM Modi`s surprise decision to invalidate 500 and 1,000 rupee notes, is also aimed at preventing large queues at banks and stop people from exchanging more than the permissible limit of money.

14 Nov 2016

PM Modi directs steps to disburse more money in rural India

In a bid to ensure that people in rural areas are able to get access to cash, the government has enhanced the currency limits of banking correspondents, allowed them multiple visits to banks and disburse more money through branch post offices.

11 Nov 2016

Magic Currency Converter – Here is how to convert Rs 500 note into five Rs 100 notes

The machine, known as 'Magic Currency Converter', converts the now non-legal tender Rs 500 and Rs 1000 notes into 5 Rs 100 notes or 10 Rs 100 notes.

10 Nov 2016

Exchange of notes: PM Narendra Modi praises citizens, assures a corruption-free India

As millions across the country thronged banks to exchange old notes on Thursday, Prime Minister Narendra Modi expressed his happiness and said his government was "unwavering" in its efforts to create an India that is corruption free.

10 Nov 2016

FACTBOX: The mechanics of India's high-value banknote exchange programme

India withdrew the legal tender status of existing 500 rupee and 1,000 rupee bank notes this week in a shock move targeted at cracking down on fake currency and wealth hidden from the tax authorities.

10 Nov 2016

ATMs will start functioning from midnight with new currency notes: Arun Jaitley

Jaitley said there was no need to panic as there was sufficient cash and that ATMs would start functioning from midnight tonight.

10 Nov 2016

Cancelling train ticket? Railways will not refund cash – Know why!

Facing shortage of currency notes of lower denominations coupled with heavy rush at booking counters, the railways has stopped giving refund for cancellation of tickets in cash and instead issuing ticket deposit receipts (TDR).

Exchange of old notes

10 Nov 2016

Exchange of old notes: Millions throng banks amid security

Anxious customers thronged the branches much before the opening time--some at the crack of dawn--and had to wait for several hours to complete their transactions with senior citizens also not being spared of hardships.

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