Withdrawal of Legal Tender Character of existing Rs.500/- and Rs.1000/- Bank Notes – Applicability of the Scheme to DCCBs

RBI/2016-17/130
DCM (Plg) No.1273/10.27.00/2016-17

November 14, 2016

The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Foreign Banks/Regional Rural
Banks / Urban Co-operative Banks / State Co-operative Banks/ District Central
Cooperative Banks

Dear Sir,

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Applicability of the Scheme to DCCBs

Please refer to our Circular No. DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject. It is clarified that District Central Cooperative Banks can allow their existing customers to withdraw money from their accounts upto ₹ 24,000/- per week upto November 24, 2016. However no exchange facility against the specified bank notes (₹ 500/- and ₹ 1000/-) or deposit of such notes should be entertained by them.

2. All banks are advised to permit withdrawal of cash by DCCBs from their accounts based on need. The cash withdrawal limit of ₹ 24,000/- per week is not applicable to withdrawal of cash by a DCCB from its account with any other bank.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager