Why are the 500 and 1000 Rs notes Banned in India?
- What is the Withdrawal of Legal Tender Character of existing 500 and Rs. 1000/- Bank Notes?
Simply put, it is a ban on the usage of the older currency notes of Rs. 500 and Rs. 1000 issued by the Reserve Bank of India.
- With what purpose is this scheme introduced?
The idea behind launching this scheme was to:
- Stop the increased circulation of Fake Indian Currency
- Fight Against Corruption by eradicating Black Money
- What are the actions being taken on 9th November?
- It’s a non-business working day for banks
- Banks will have to call back the older Rs. 500 & Rs. 1000 notes so that any client doesn’t receive them via ATM or any other mediums.
- All the ATMs need to be reconfigured in a manner that it does not dispense the older Rs. 500 and Rs. 1000 notes in any condition for which the ATMs will remain close on both, 9th & 10th November 9, 2016
- The Cash Deposit Machine will have to accept the older Rs 500 and Rs 1000 notes till December 30th according to the limits specified by RBI
- The Mahatma Gandhi (New) series Notes need to be issued via counter only until the RBI gives instructions for its dispense via ATM
- What is the Exchange Policy for the Older Currency Notes to the Newer Currency Notes?
- Per day per person, a value of Rs. 4000 (older Rs. 500 & Rs. 1000 notes) can be exchanged in the bank with the same value of valid older or newer currency notes. This is to be done via a requisition slip and a proof of identity
- There’s no limit in depositing the older Rs. 500 & Rs. 1000 notes to the account maintained with the bank by the person
- The corresponding value of the older Rs 500 and Rs 1000 notes can be credited to your own bank account or a third party bank account when presented with a valid identity proof and authorization letter according to standard banking procedure
- From the counter, the cash withdrawal limit has been restricted to Rs. 10,000 per day and Rs. 20,000 per week
- No restriction on any transaction or usage using non-cash methods
- Withdrawal from ATM has been restricted to Rs. 2000 per day per card up to 18th November and then will be raised to Rs. 4000 per day per card
- 4000 doesn’t meet my need. What’s the solution?
Please use non-cash method of payments.
- I don’t have a bank account. What do I do?
Open a Bank Account.
- Where all is it possible to exchange the currency notes?
The exchange facilities are available at the following hubs:
- Issue Offices of RBI
- Head Post Office or Sub-Post Office
- Branches of Commercial Banks & State co-op Banks
- Branches of RRBs & UCBs
- Am I allowed to go to any branches?
You can go to any branch, basically. But always carry a valid identity proof.
- Can I use my friend’s or relative’s bank account?
Yes, you can. You’ll need their permission in writing and your valid identity proof.
- Can I send someone to do the process on my behalf?
Yes, you can. You’ll have to provide a written permission to him/her and he/she will have to carry his/her identity proof.
- By when should I get rid of all older currency notes?
By 30th December, 2016.
- What is valid in proof of identity?
The following documents will be considered valid for a proof of identity:
- Driving License
- Voter ID Card
- Aadhar Card
- Pass Port
- PAN Card
- Identity Card Issued by Government Department & Public Sector Unit to its Staff
- NREGA Card
- Where all are the older currency notes valid?
It’s valid at the below given places till 72 hours from the date and time of notification:
- Government Hospitals
- Government Bus Stands
- Railway Stations
- Petrol Pumps
- Where can I get additional information and whom can I contact regarding this scheme?
For more information, please visit the RBI website at http://www.rbi.org.in
RBI has opened a control room as well to help both, banks and the citizens. You can get in touch with them via:
Email id: firstname.lastname@example.org
Telephone No: 022 22602804 / 022 22602944
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