The Reserve Bank of India today clarified that as part of the instructions issued to banks, including to cooperative banks, regarding withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes), detailed reporting system has been put in place. The Reserve Bank further stated that with a view to preventing misuse of the facility, the authorities are closely monitoring the information received through these reports about exchange and deposits of the specified bank notes by the public with the banks, including cooperative banks.

Alpana Killawala
Principal Adviser

Press Release : 2016-2017/1189