Withdrawal of Legal Tender Character of existing Rs 500/- and Rs 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 up to Rs 24,000/- per week upto November 24, 2016. However no exchange facility against the specified bank notes (Rs 500/- and Rs 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 Rs 24,000/- per week is not applicable to withdrawal of cash by a DCCB from its account with any other bank.
Reserve Bank of India