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

News and Press Release - Dated:- 12-11-2016 - (Updated as on November 08, 2016) (Updated as on November 11, 2016) (Updated as on November 12, 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 terrorist .....

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withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. The Specified 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 of commercial banks/ Regional Rural Banks/ Co-operative banks or at any Head Post Office or Sub-Post Office. 3. Does the scheme apply to pre 2005 banknotes of ₹500 and ₹1000? Yes the specified banknotes include pre 2005 .....

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es not provide for it, given its objectives. 7. ₹4000 cash is insufficient for my need. What to do? You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc. 8. What if I don t have any bank account? You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements. 9. What if, if I have only .....

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ver 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank. In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account. 12. Can I go to any branch of my bank? Yes you can go to any branch of your bank. 13. Can I go to any branch of any o .....

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le exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof. 15. Should I go to bank personally or can I send the notes through my representative? Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tenderi .....

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om a bank account by one bank from another bank, Post Office, Money changers operating at International airports and operators of White Label ATMs. The branches maintaining Currency Chests have been advised to accommodate the requests from other branches in their vicinity - linked or otherwise - for supply of cash. 18. Can I withdraw cash against cheque? Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of ₹10,000/- in a day within an overall limit of ₹2 .....

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yment. 21. 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 December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be spe .....

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PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff) 23. I am an NRI and hold NRO account, can the exchange value be deposited in my account? Yes, you can deposit the Specified banknotes to your NRO account. 24. I am a foreign tourist, I have these notes. What should I do? You can purchase foreign exchange equivalent to ₹5000 using these Specified Bank Notes at airport exchange counters till November 14, 2016 provided you present proof of purchasing the .....

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irports for purchase of tickets; (c) for purchases at consumer cooperative stores operated under authorisation of Central or State Governments and the customers shall provide their identity proof; (d) for purchase at milk booths operating under authorisation of the Central or State Governments; (e) for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil Marketing Companies; (f) for payments at crematoria and burial grounds; (g) at internation .....

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