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Banks to allow only senior citizens to exchange notes on Saturday

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 18 Nov 2016 4:04 PM GMT

Banks to allow only senior citizens to exchange notes on Saturday
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Banks to allow only senior citizens to exchange notes on Saturday
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New Delhi: Banks have dedicated a day on Saturday to senior citizens for the exchange of old currency notes.

The Indian Bank Association Chairman, Rajiv Rishi on Friday said that only senior citizens will be allowed to change the currency notes on Saturday.

"All other services at banks will be operational and tomorrow we will complete our pending work," he added.

Since demonetisation of Rs 500 and Rs 1000 currency notes came into being, banks have observed long queues of people to exchange their 'invalid currency'.

Last week, banks across the country were open on Saturdays and Sundays to help people come out of demonetisation panic.

Other highlights:

  • Only Rs 2000 can be exchanged in bank branches. The limit earlier was Rs 4500.
  • Those allowing others to deposit money in their bank accounts, will be prosecuted for abetment under the Income Tax Act.

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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