Banned 500 and 1,000 rupee notes will continue to be exchanged for new currency at RBI counters even after the facility was withdrawn from all banks.

The government had yesterday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings will necessarily have to be deposited in bank accounts.

"The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and Rs 1,000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto," the central bank said in a statement.