New Delhi, Nov 18, 2016 : In the latest bid to contain the cash crunch, the government is likely to allow the exchange of old currency notes of Rs 500 and Rs 1000 only at the branch where a person holds her account.
Top sources in the government said the notification is likely to be issued soon, a decision that may trigger more chaos as the scramble to banks and ATMs refuses to dissipate.
Sources said the Reserve Bank of India (RBI) is likely to issue fresh guidelines tonight on depositing the old currency. As per information, the new rules RBI would allow people to deposit the old currency in their own bank branches only.
Until now, it was permitted to deposit the old currency in any bank by submitting a proforma with a copy of their identity proof.
The decision was taken following reports that people were using their IDs to deposit money in different bank branches.