1,000 notes can only be deposited in accounts. 500 notes till December 15. This effectively means that those holding Rs 1,000 notes can only deposit them into bank accounts from Friday. Decline in exchangeRegarding the exchange facility for old notes, which was initially allowed up to Rs.4,000 per person, then enhanced to Rs.4,500 before being restricted to Rs.2,000, the Finance Ministry has reasoned that over-the-counter exchange of the old currency notes of Rs. “It has further been felt that people may be encouraged and facilitated to deposit their old Rs.

Source: The Hindu November 24, 2016 14:36 UTC