Indian Banks’ Association (IBA) on Friday said banks on Saturday will not exchange old Rs 500 and Rs 1,000 notes with the new ones to perform other banking related duties, which have been on hold since November 8.
Senior citizens would be exempted from this restriction. However, a customer can still withdraw and deposit money at the counters. A customer can withdraw up to Rs 24,000 in a window of seven days, starting from the first day of withdrawal.
“All these days our own customers have suffered because we have not been able to do their work. So, we have seen lot of pending work at branches, especially for our existing customers. We, from IBA, have taken a view that on Saturday we shall be exclusively doing work for our own customers. And we will not be doing exchange of notes (for outside customers),” said Rajeev Rishi, chairman, IBA.
The IBA decision is only for Saturday and from Monday onwards customers would be allowed to exchange notes at all bank branches. Rishi said after the banks started using indelible ink to mark fingers of customers who exchanged notes, the queues decreased.
According to highly placed sources, the government may soon ban exchange of demonetised Rs 500 and Rs 1,000 notes with legal tender. Reducing the exchange limit to Rs 2,000 has not deterred cash hoarders from sending surrogates to exchange notes on their behalf.
The government also warned against potential misuse of bank accounts to park unaccounted money and said that even those depositing less than Rs 2.5 lakh could face scrutiny.
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