Mumbai: All branches have started exchanging specified bank notes of Rs 500 and 1000 notes effective from 10.11.2016 to exchange of Rs 4000 per person. In this regard we have been receiving queries from many offices/branches to clarify whether the limit of Rs 4000 per person is for a day or for the entire period that 15 days which is notified in RBI from 8.11.2016.
It is hereby explicitly clarified that the limit of Rs 4000 per individual for exchange of SBN is for the entire period that is 15 days or till the limit is reviewed by Reserve Bank of India. Canara bank also gets such notification.
Today Prime Minister Narendra Modi has said currency ban was the “biggest cleanliness drive” his government has undertaken against the black money hoarders. He assured the people that money that has been looted will be brought back and that the “rules will be the same for everyone”.