Source: News Bharati English11 Nov 2016 15:55:38

New Delhi, 11 November: The Reserve Bank of India issued a statement on Friday reassuring that consequent to the withdrawal of Legal Tender Character of existing Rs. 500 and Rs.1000 Bank Notes; it has made arrangements to distribute the notes in new Rs. 2000 and other denominations across the country.
There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016.

RBI also communicated that it may take a while for the banks to recalibrate their ATMs; once the ATMs are functional, members of public will be able to withdraw from ATMs up to a maximum of Rs. 2,000 per card per day up to November 18, 2016; and after that withdraw up to Rs.4000 per day per card. Several ATMs have started functioning from this morning as the banks could complete recalibration of these machines to allow withdrawals up to Rs. 2000 to begin with.

The facility for exchanging the withdrawn denominations of Rs. 500 and Rs. 1000 is available for nearly 50 days. The Reserve Bank has appealed to members of public to be patient and urges them to exchange their old notes at their convenience, any time before December 30, 2016.

On 8th November PM Modi announced the most revolutionary decision to scrap the use of RS 500 and Rs 1000 currency notes from the daily life. He appealed to all the citizens to bear the difficulties caused due to this decision and contribute in cleansing the economy of fake currency, terrorism, and corruption.