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

Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 23 2016)

News and Press Release - Dated:- 24-11-2016 - 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 ( .....

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 ₹ 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 Sche .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

egistered with the Agricultural Produce Market Committee (APMC) markets or mandis. Accordingly, holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may withdraw upto ₹ 50000 in cash, in a week. Such withdrawals may be disbursed predominantly in ₹ 2000 denomination bank notes. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. Farmers are allowed to draw upto ₹ 25000/- per week .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he following conditions: i. Withdrawals are permitted only from fully KYC compliant accounts. ii. The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016. iii. Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw). iv. Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be mad .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

mount proposed to be paid is ₹ 10,000/- or more. The list should indicate the purpose for which the proposed payments are being made. Banks may keep a proper record of the evidence and produce them for verification by the authorities in case of need. The scheme will be reviewed based on authenticity/ bona fide use thereof. Yet, banks should encourage families to incur wedding expenses through non-cash means viz. cheques /drafts, credit/debit cards, prepaid cards, mobile transfers, internet .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ng payments towards purchase of seeds from the centres, units or outlets belonging to the Central or State Governments, Public Sector Undertakings, National or State Seeds Corporations, Central or State Agricultural Universities and the Indian Council of Agricultural Research, on production of proof of identity. Towards ensuring unhindered farming operations during the Rabi crop season, NABARD would be utilizing its own cash credit limits up to about ₹ 23,000 crore to enable the DCCBs to d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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). 24. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode? You can use NEFT/RTGS/IMPS/ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

PPIs to their own linked bank accounts upto ₹ 50,000/- per month, without any limit per transaction. Merchants only need to provide a self-declaration in respect of their status and details of their bank account. The limit of semi-closed PPIs issued with minimum details has been enhanced to ₹ 20,000/- from the existing ₹ 10,000/-. The total value of reloads during any given month has also been enhanced to ₹ 20,000/-. Extant instructions for other categories of PPIs remain .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

en beyond, at specified RBI offices. As there is ample time, people need not rush to exchange putting avoidable strain on the banking branch network. 26. 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 (Va .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cified Bank Notes at airport exchange counters till November 24, 2016, provided you present proof of purchasing the Specified Bank Notes. 29. 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 railwa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

thorisation of Public Sector Oil and Gas Marketing Companies; (f) for payments 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ds any fees, charges, taxes or penalties, payable to the Central or State Governments 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 (p) for payments towards court fees (q) for making payments towards purchase of seeds from the centres, units or outlets belonging to the Central or Sta .....

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