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Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 18 2016)

News and Press Release - Dated:- 18-11-2016 - 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 India .....

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re 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. District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week upto November 24, 2016. No exchange facility against the specified bank notes ( .....

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ations of ₹500 and ₹1000 under the scheme. 4. How much value will I get? You will get value for the entire volume of notes tendered at the bank branches / RBI offices. 5. Can I get all in cash? No. You will get upto ₹2000 per person in cash exchange over the counter irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account. 6. Why I cannot get the entire amount in cash when I have surrendered everything in cash? The .....

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ave 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. 10. 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/ Co-operative banks or at any Head Post Office or Sub-Post Office. 11. Need I go to my bank branch only? For exchange upto ₹2000 in cash you may go to any bank branch with valid identity proof .....

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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 ₹2000. 14. Can I exchange ₹ 2000 more than once? No. You can exchange upto ₹ 2000 only once. As per the Standard Operating Procedure advised to banks, while exchanging the specified b .....

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the metro cities and later extended to the other areas. 15. I have no account but my relative / friend has an account, can I get my notes exchanged into that account? Yes, you can do that if the account holder relative/friend etc. gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof. 16. Should I go to bank personally or can I send the notes through my representative? Personal visit to .....

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sing of lower denomination currency notes for about ₹ 500/- per withdrawal. Other ATMs which are yet to be recalibrated, will continue to dispense ₹ 2000/- till they are recalibrated. Banks have also been advised to increase the Business Correspondents limit of dispensing cash to ₹ 2500/- for withdrawal from bank accounts. 18. What will be the levied ATM charges? It has been decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and .....

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plicable to cash withdrawal from 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. 20. Can I withdraw cash against cheque? Yes, you can withdraw cash against withdrawal slip or cheque subject to a weekly limit of ₹ 24000/- (includ .....

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cycler and bank branches multiple times? Yes, Specified Bank Notes can be deposited in Cash Deposits machines / Cash Recyclers or at bank branches more than once till December 30, 2016. At bank branches, customers should use separate pay-in-slips for depositing specified bank notes and other legal tender bank notes.(If a depositor has a mixed bunch of SBN and legal tender notes, he has to segregate them and submit two separate Pay-in slips). 22. Can I make use of electronic (NEFT/RTGS /IMPS/ Int .....

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ot rush to exchange putting avoidable strain on the banking branch network. 24. I am right now not in India, what should I do? If you have Specified 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 Specified banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, .....

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ided you present proof of purchasing the Specified Bank Notes. 27. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do? Till the November 24, 2016 midnight, specified banknotes can be used as under:- (a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor's prescription; (b) at railway ticketing counters, ticket counters of Government or Public Sector Undert .....

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nts at crematoria and burial grounds; (g) at international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character; (h) for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character. (i) for making payments in all pharmacies on produc .....

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overnments including Municipal and local bodies; (o) for making payments towards utility charges including water and electricity -which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed 28. Can I use the Specified banknotes to settle outstanding in my loan account? Deposits of Specified bank Notes into all types of deposit/loan accounts is allowed subject to CTR/STR reporting. Anybody depositing more than S .....

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