RBI Comes Up With 25 Important Points As Government Bans ₹ 500 & ₹ 1000

RBI Comes Up With 25 Important Points As Government Bans ₹ 500 & ₹ 1000

The NDA government on Tuesday, 8 pm announced the discontinuation of ₹ 500 and ₹ 1000 notes, in its fight against corruption, black money and fake money. Soon after the government made an announcement, RBI came out with the Reckoner backing the government’s strong move.

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Here’s how the apex bank explained the whole scheme in the simplest terms:

WHY THIS ACTION?
Fake Indian currency notes in highest denomination have increased, and for a layperson, all the currency notes look similar to the original notes, even though the security features have not been copied. The fake notes are used for illegal and anti-national activities. Therefore to curb the rising of fake currency notes and black money the scheme to withdraw high denomination notes has been issued.

WHAT IS THIS SCHEME ALL ABOUT
This plan revolves around abolishing the legal tender characteristics of notes in denominations ₹ 500 and ₹ 1000. As a consequence, the withdrawn high denomination notes cannot be used for transactions or store of value for future usage. The old currency can be exchanged for value at any of the 19 offices of RBI in India or any of the bank branches or any other head post office or sub-post office.

HOW MUCH VALUE WILL I GET IN EXCHANGE?
You will receive the entire value of notes tendered at Bank branches/RBI offices.

WILL I GET IT ALL IN CASH?
No, you will get just ₹4000 per person in cash and anything above that will be receivable by way of credit bank account.

WHY CAN’T I GET ENTIRE AMOUNT IN CASH?
The scheme doesn’t provide for it, given its objectives.

₹4000 IS INSUFFICIENT TO ME. WHAT DO I DO?
You can use the balance in your bank account to pay for your expenses via cheque or electronic transfer.

WHAT IF I DON’T HAVE A BANK ACCOUNT?
You can always go to any bank and get a bank account in your name just by providing the necessary documents and filling KYC form.

WHAT IF I JUST HAVE A JDY ACCOUNT?
A JDY (Jan-Dhan Yojna), account holder, can avail the exchange facility subject to the caps and other laid down limit in accord with the norms and procedure.

WHERE CAN I GO TO EXCHANGE THE CURRENCY?
The old currency can be exchanged for value at any of the 19 offices of RBI in India or any of the bank branches or any other head post office or sub-post office.

DO I NEED TO VISIT MY BANK BRANCH ONLY?
For exchanging up to ₹4000, you can go to any bank with you ID proof. For exchange of anything over ₹4000, which will be credited to your bank account only, you can visit any branch of your bank.
But in case you are visiting any other bank account in which you are not maintaining your account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

CAN I GO TO ANY BRANCH OF MY BANK?
Yes, you can always go to any other branch of your bank.

CAN I GO TO ANY BRANCH OF ANY OTHER BANK?
For exchanging up to ₹4000, you can go to any bank with you ID proof. For exchange of anything over ₹4000, which will be credited to your bank account only, you can visit any branch of your bank.

CAN I WITHDRAW CASH FROM N ATM?
Well, it might take banks some time to recalibrate their ATMs, once the ATMs are functional you can withdraw up to a maximum of ₹2,000/- per card per day up to 18th November 2016. The limit will be raised to ₹4000/- per day per card from 19th November 2016 onwards.

CAN I WITHDRAW CASH AGAINST CHEQUE?
Yes, we can withdraw cash against cheque or withdrawal slip subject to the ceiling of ₹10,000/- in a day within an overall limit of ₹20,000/- in a week, including withdrawals from ATMs for the first fortnight, up to 24th November.

CAN I DEPOSIT AND WITHDRAW MONEY USING THROUGH ATMs, CASH DEPOSIT MACHINE, OR CASH RECYCLER?
Yes, you can deposit money into cash recycler and deposit machine.

CAN I MAKE USE OF ELECTRONIC BANKING (RTGS, NEFT, INTERNET BANKING, MOBILE BANKING, etc.)?
Yes, you can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

I DON’T HAVE BANK ACCOUNT, BUT MY RELATIVE/ FRIEND HAS AN ACCOUNT, CAN I GET MY NOTES EXCHANGED IN THAT ACCOUNT
Yes, you can do that but only if your friend or relative gives you the same in writing. You also have to provide evidence of permission in writing and your valid identity proof.

SHOULD I GO TO BANK DIRECTLY OR CAN I SEND MY REPRESENTATIVES?
Personal visit to the branch is preferable. In case it is not possible for you to visit the office you may send your representative with an express mandate i.e. a written authorisation.

I AM NOT IN INDIA, WHAT CAN I DO?
If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity Proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff).

I AM AN NRI, HAVING AN NRO ACCOUNT. CAN THE EXCHANGE BE DEPOSITED IN MY ACCOUNT?
Yes, you can easily file your exchange in NRO account.

I AM A FOREIGN TOURIST; I HAVE THESE NOTES. WHAT DO I DO?
You can purchase foreign exchange equivalent to ₹5000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.

I HAVE EMERGENCY NEEDS OF CASH (HOSPITALISATION, TRAVEL, LIFE SAVING MEDICINES) THEN WHAT SHOULD I DO?
You can use the OHD notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

WHAT IS THE PROOF OF IDENTITY?
Valid Identity Proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

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Further information is available at our website (www.rbi.org.in) and GoI website (www.rbi.org.in).

Specimen of new currency notes:

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