**Policy Summary: Restriction on Exchange of Specified Bank Notes (SBNs)**
This circular, issued by the Reserve Bank of India (RBI) on November 17, 2016 (Reference No. RBI/2016-17/139 DCM Plg No.1302/10.27.00/2016-17), addresses the exchange of Specified Bank Notes (SBNs) following the withdrawal of their legal tender status. Further to Circular No. DCM Plg No.1226/10.27.00/2016-17 dated November 08, 2016, the RBI has decided to revise the limit for over-the-counter exchange of SBNs. Effective November 18, 2016, the limit for exchanging SBNs in cash across bank counters is set at ₹2000 per person. This facility is available only once per individual. The circular is addressed to the Chairman/Managing Director/Chief Executive Officer of Public Sector Banks, Private Sector Banks, Foreign Banks, Regional Rural Banks, Urban Cooperative Banks, and State Cooperative Banks.
For inquiries, the Department of Currency Management, Central Office can be contacted at:
* Address: 4th Floor, Amar Building, Sir P.M.Road, P.B.No.1379, Mumbai – 400 001, India
* Telephone: +91 22 2266 1644
* Fax: +91 22 2266 2442
* Email: helpdcm@rbi.org.in
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for monetary policy and currency management.
Public Sector Banks: Banks in India that are owned by the government.
Private Sector Banks: Banks in India that are privately owned.
Foreign Banks: Banks in India that are owned by entities outside of India.
Regional Rural Banks: Regional Rural Banks in India.
Urban Cooperative Banks: Urban Cooperative Banks in India.
State Cooperative Banks: State Cooperative Banks in India.
November 17, 2016: Date of the circular, related to the withdrawal of legal tender character of existing 500 and 1000 bank notes.
भारतीय �रज़व र् बक�
RESERVE BANK OF INDIA
www.rbi.org.in
RBI/2016-17/139
DCM (Plg) No.1302/10.27.00/2016-17 November 17, 2016
The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks
Dear Sir,
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes
– Exchange over the counters
Please refer to our Circular No. DCM (Plg) No.1226/10.27.00/2016-17 dated November
08, 2016 on the captioned subject.
2. On a review it has been decided that the limit of exchange of SBNs in cash, across
the counter of the banks shall be ₹ 2000 with effect from November 18, 2016.This
facility will be available only once per person.
3. Please acknowledge receipt.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager
मुद्रा प्रबंध �वभाग, क�द्र�य कायार्लय, 4थीं मंिज़ ल, अमर �बिल्डगं , सर पी.एम.रोड, पो.बा्.स.ं1379, मुंबई – 400 001(भारत)
दरू भाष + 91-22-2266 1644 फैक् स : + 91-22-2266 2442 ई-मेल : helpdcm@rbi.org.in
Department of Currency Management, Central Office, 4th Floor, Amar Building, Sir P.M.Road, P.B.No.1379, Mumbai- 400 001( India )
Tel: + 91-22-2266 1644 Fax : + 91 -22-2266 2442 E-mail : helpdcm@rbi.org.in
�हदं � आसान है, इसका प्रयोग प्रयोग बढ़ाइय�।