Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

Income Tax - By: - CS Swati Dodhi - Dated:- 10-11-2016 - 1. Why is this scheme? 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 India .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

es 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 way of credit to bank account. 5. Why I cannot get the entire amount in cash when I have surrend .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sary 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. Need I go to my bank branch only? For exchange .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 notes exchanged into that account? Yes, you c .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

entative 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 cheque? Yes, you can withdraw cash against withd .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ternet 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 OHD 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 Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version