Discontinuation of over the Counters Exchange of SBN
1. Please refer to RBI circular DCM (Plg) No.1302/10.27.00/2016-17 dated November 17, 2016 on “Withdrawal of Legal Tender Character of existing Rs. 500 and Rs. 1000 Bank Notes – Exchange over the counters”.
2. 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.
3. Banks may ensure to facilitate opening of new accounts for unbanked people.
Source: RBI Circular DCM (Plg) No.1391/10.27.00/2016-17 dated November 24, 2016