Salient features of the scheme - withdrawal of Rs 500 and Rs 1000 Bank Notes
Withdrawal of Legal Tender Character from existing series of Bank Notes in the denominations of 500 and 1000 - Salient features of the scheme
1. In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, existing series of banknotes in the denominations of Rs 500/- and Rs. 1000/- issued by the Reserve Bank of India upto November 8, 2016, hereinafter referred to as Specified Bank Notes (SBN), shall cease to be legal tender in payment or on account at any place with effect from the 9th November, 2016.
2. SBN held by a person other than a bank or Government Treasury may be exchanged at the 19 Issue Offices of the Reserve Bank of India and all branches of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative banks only upto and including December 30, 2016, on tender of the SBN subject to the following conditions: