CURRENT AFFAIRS

Detailed explanation-1: -The Republic of India witnessed the second major monetary reforms in November 2016 when it withdrew the legal tender status of ₹ 500 and ₹ 1, 000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016.

Detailed explanation-2: -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.

Detailed explanation-3: -Members of public can exchange banknotes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, at Reserve Bank of India counters up to the current limits (Rs 2, 000 per day) per person as hitherto, the central bank said.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-4: -If you have old currency notes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person you authorise has to come to the bank branch with the old notes, the authority letter given by you and a valid identity proof.