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FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/-

News and Press Release - Dated:- 9-11-2016 - 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian .....

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e of value for future usage. These Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office. 3. How much value will I get? You will get value for the entire volume of notes tendered at the bank branches / RBI offices. 4. Can I get all in cash? No. You will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by w .....

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count by approaching a bank branch with necessary documents required for fulfilling the KYC requirements. 8. What if, if I have only JDY account? A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures. 9. Where can I go to exchange the notes? The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office. 10. N .....

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to your account. 11. Can I go to any branch of my bank? Yes you can go to any branch of your bank. 12. Can I go to any branch of any other bank? Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹4000. 13. I have no account but my relative / friend has an account, can I get my .....

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ndate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes. 15. Can I withdraw from ATM? It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹2,000/- per card per day upto 18th November, 2016. The limit will be raised to ₹4000/- per day per card from 19th November 2016 onwards. 16. Can I withdraw cash against cheq .....

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ternet Banking / Mobile banking etc.) mode? You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment. 19. How much time do I have to exchange the notes? The scheme closes on 30th December 2016. The Specified banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016. For those who are unable to exchange their Specified Bank Notes on or before .....

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