RBI warns against unauthorised use of note exchange, deposit

RBI today cautioned the public that exchanging or dealing in notes in any unauthorised manner is illegal and liable to strict punitive action.
"It is reported that certain gullible persons are exchanging these notes on behalf of others; some are even helping them by depositing the hoarded cash into their own bank accounts," RBI said in a statement.
Even Pradhan Mantri Jan Dhan Yojana accounts are being put to use for this, it added.
"The facility for the public to exchange the specified bank notes (old notes in Rs 500 and Rs 1,000) for legal tender and allowing them to deposit in bank accounts in unlimited amount is provided to enable members of the public in possession of these notes as on the date of the announcement to secure the value of the same either through exchange or by deposit into their bank accounts," it said.