RBI warns against unauthorised use of note exchange, deposit

November 22, 2016 23:00

The RBI today cautioned the public that exchanging or dealing in notes in any unauthorised manner is illegal and liable to strict punitive action.

"It is reported that certain gullible persons are exchanging these notes on behalf of others; some are even helping them by depositing the hoarded cash into their own bank accounts," the RBI said in a statement.

Even Pradhan Mantri Jan Dhan Yojana accounts are being put to use for this, it added.

"The facility for the public to exchange the specified bank notes (old notes in Rs 500 and Rs 1,000) for legal tender and allowing them to deposit in bank accounts in unlimited amount is provided to enable members of the public in possession of these notes as on the date of the announcement to secure the value of the same either through exchange or by deposit into their bank accounts," it said.

« Back to LIVE

TOP STORIES

Champions of investor trust: 10 stocks with institutional seal of approval

'15 seconds, and Owaisis wouldn't know...': BJP's Rana

Rana's blistering attack came in response to AIMIM MLA Akbaruddin Owaisi's controversial speech in 2013 that it would take them only '15 minutes' to balance the 'Hindu- Muslim ratio' in the country if the police were removed.

Haryana crisis: Oppn approaches guv, steps up efforts to topple BJP govt

'It is evident that the BJP govt in Haryana no longer commands a majority,' former Deputy Chief Minister and JJP leader Dushyant Chautala said in his letter to the governor on Wednesday.

Air India Express cabin crew call off strike; no sacking of staffers

Both parties will discuss the issues and there will be a meeting again on May 28, he said.

Pune court likely to pronounce verdict in Dabholkar murder case today

Additional sessions judge A A Jadhav of the special court for cases under the Unlawful Activities (Prevention) Act is likely to pronounce the judgement on Friday, said special public prosecutor Prakash Suryawanshi.