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Instructions to Banks - Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes

News and Press Release - Dated:- 9-11-2016 - RBI/2016-17/112 DCM (Plg) No.1226/10.27.00/2016-17 November 08, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India .....

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y agencies through which the members of public and other entities will be exchanging the Specified Bank Notes for Bank Notes in other valid denominations or depositing the Specified Bank Notes for crediting to their accounts, upto and including the December 30, 2016. Therefore, banks have to accord highest priority to this work. In order to enable the members of public and other entities to exchange their existing ₹ 500/- and ₹ 1000/- notes, the following arrangements have to be made .....

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ed back forthwith. The sponsor banks of White Label ATMs will be responsible for recalling the Specified Bank Notes from the White Label ATMs sponsored by them. iii) Banks should take steps to stop issuing Specified Bank Notes through their branches, business correspondents from November 9, 2016. iv) All ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash shall be shut on 9th and 10th November, 2016. v) All ATMs and cash dispensing machines will .....

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rd a return in the format specified in Annex-1 showing the details of the Specified Bank Notes held by it at the close of business as on 8th November 2016, not later than 13:00 hrs on November 10, 2016 to the concerned Regional Office of Reserve Bank of India under whose jurisdiction the Head office of the bank is located. The return should also include details of Specified Bank Notes recalled from ATMs, Cash Deposit Machines, Cash Recyclers, Coin Vending Machines, CIT Companies, Business Corres .....

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public regarding withdrawal of Legal Tender character of the Specified Bank Notes (as per Annex-2) and salient features of the Mahatma Gandhi (New) Series Bank Notes (Annex-3) are required to be printed/copied in adequate quantity and distributed to the public / displayed in the banking hall / ATM kiosks. xi) Banks should identify the staff for managing the exchange counters and brief them properly about the scheme and the procedure to be followed. A copy of the FAQs provided in Annex-4 may be .....

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2016 a. Bank branches will commence normal operations on November 10, 2016. b. Banks have to accord top priority to provide facility for exchanging / accepting deposits of Specified Bank Notes and open additional counters to meet the public demand and keep the counters open for extended ours, if necessary. Maximum staff should be deployed for this purpose. If necessary banks may consider hiring retired employees for a temporary period to take care of additional work load. c. Provision of Exchan .....

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regate value of ₹ 4,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity; the limit of ₹ 4,000/- for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of this notification and appropriate orders may be issued, where necessary; (iii) there shall not be any limit on the quantity or value of the specified .....

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tion of valid proof of Identity; (v) the equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indicated in Annex-5; (vi) cash withdrawal from a bank account over the counter shall be restricted to ₹ 10,000/- per day subject to an overall lim .....

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o ₹ 2,000 per day per card up to 18th November, 2016 and the limit shall be raised to ₹ 4,000 per day per card from 19th November, 2016; (ix) any person who is unable to exchange or deposit the specified bank notes in their bank accounts on or before the 30th December, 2016, shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date as may be specified by it. (x) Business Correspondents (BCs) may also be allowed to exchan .....

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