Banks will open additional counters and work extra hours beginning Thursday to help people exchange Rs 500 and Rs 1000 notes that have been declared invalid from midnight on Tuesday. Banks will remain shut on Wednesday to allow stocking of smaller currency notes and public will be allowed to tender their now invalid Rs 500 and Rs 1000 from November 10. He linked the government decision to use high denomination currency notes for terrorism financing and also for holding black money. A high-security Rs 1000 currency note will be re-introduced at a later date, Das said. Das said infusion of Rs 2000 note will be closely monitored and regulated by RBI.

Source: Hindustan Times November 08, 2016 17:57 UTC