Dear IAC-ians
I am pleased to say that after a massive campaign by IAC directed at RBI, only some portions of which had been circulated, the RBI has restored the earlier position on EXCHANGE of old notes at 19 branches of RBI which had been removed sometime in 1st week December.2. What is this scheme?
The Specified Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India and deposited at any of the bank branches of commercial banks/ Regional Rural Banks/ Co-operative banks (only Urban Co-operative Banks and State Co-operative Banks) or at any Head Post Office or Sub-Post Office.
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The Specified Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India and deposited at any of the bank branches of commercial banks/ Regional Rural Banks/ Co-operative banks (only Urban Co-operative Banks and State Co-operative Banks) or at any Head Post Office or Sub-Post Office.
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4. How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
Thus there is no limit on volume of OLD series notes which can be tendered for EXCHANGE at RBI, unlike the case of Banks. NB: Exchange of Notes is governed by section 39 of RBI Act.However, the RBI / Modi are extremely slippery (cannot be trusted to keep their word / promises) so here are the links (updated on 22.Dec.2016)
https://www.rbi.org.in/scripts/FAQView.aspx?Id=119
https://www.rbi.org.in/scripts/FAQView.aspx?Id=119
SARBAJIT
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