CURRENT AFFAIRS

Detailed explanation-1: -Members of public can exchange banknotes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, at Reserve Bank of India counters up to the current limits (Rs 2, 000 per day) per person as hitherto, the central bank said.

Detailed explanation-2: -The old currency notes of Rs 500 and Rs 1000 can now only be exchanged at the offices of the Central banks. Get to know the timings of the bank and make sure you reach there ahead of time to avoid long queues.

Detailed explanation-3: -The Prime Minister has announced the following moves as part of the demonetisation of old currency notes: Existing Rs 500 and Rs 1, 000 currency notes will not be valid from 8th November midnight. All banks and ATMs will remain closed on 9th November.

Detailed explanation-4: -All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India. There is no need to fill any form for doing this.