Withdrawal of Legal Tender Status of Banknotes of Rs. 500 and Rs. 1000: Activity at Banks during November 10 to November 18, 2016
Consequent to the announcement of withdrawal of Legal Tender status of banknotes of Rs. 500 and Rs. 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for exchange and /or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.
Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 18, 2016 amounted to Rs. 5,44,571 crore (exchange amounted to Rs. 33,006 crore and deposits amounted to Rs. 5,11,565 crore). They have also reported that the public have withdrawn, during this period, Rs. 1,03,316 crore from their accounts either over the counter or through ATMs.
RBI Press Release : 2016-2017/1265 Date : Nov 21, 2016