ATMs and banks continue to struggle meeting the ever increasing queue for exchange of old notes. RBI has been on constant loop about the execution of the scheme. It has been issuing notices,clarifications, circulars everyday –  some easing the norms while some tightening those.

As per the latest news, RBI is likely to come out with fresh norms relating to exchange of old ₹500 & 1000 notes. 

As per these rules, 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 his/ her account. As of now, it was permitted to deposit the old currency in any bank by submitting a proforma with a copy of their identity proof (PAN card & aadhar card for example)

The reason behind this new decision is said to have been the fact that people were using their IDs to deposit money in different bank branches. 

Sources report that the notification is likely to be issued soon. If issued, this is likely to cause even more chaos and hardships for common people.

Keep watching this space for more updates!