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Banks to work overtime; open additional counters

The Reserve Bank of India (RBI) and the government has set up control rooms in Mumbai and Delhi to avoid any crisis

Banks will open additional counters and work extra hours beginning Thursday to help people exchange ₹500 and ₹1,000 notes that have been declared invalid from midnight on Tuesday.

The Reserve Bank of India (RBI) and the government has set up control rooms in Mumbai and Delhi to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.

Banks will remain shut on Wednesday to allow stocking of smaller currency notes and public will be allowed to tender their now invalid ₹500 and ₹1,000 from November 10.

They can deposit any amount of the invalid currency in their bank account till December 30 and also exchange them for lower banknotes at special counters at banks and post offices till November 24, but with limit of ₹4,000 in a day.

However, any unusual transaction will be reported to the Financial Intelligence Unit and tax authorities for scrutiny.

 

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