Reserve Bank has informed that invalid currency totalling five lakh forty four thousand, five hundred and seventy one crore rupees has been collected by various banks between 10th and 18th November. In a press release issued from Mumbai today, RBI said people have deposited five lakh eleven thousand five hundred and sixty five crore rupees in their bank accounts in the form of old 500 and 1000 rupee notes while exchange worth 33,006 crore rupees has been recorded over the same period. RBI said that withdrawals worth 1,03,316 crore rupees have also been reported either over the counter or through ATMs till 18th November. Meanwhile, RBI has relaxed cash withdrawal limits norms for Overdraft and Cash Credit accounts that have been operational for at least the last three months or more. It said, that along with current account holders, overdraft and Cash Credit account holders can now withdraw up to 50,000 rupees in a week. The Central bank has clarified that this limit will not be applicable for personal overdraft accounts. The bank added that such withdrawals may be disbursed predominantly in 2000 rupee bank notes.
News On AIR | November 21, 2016 10:08 PM
Invalid currency collected by various banks between 10th and 18th Nov: RBI