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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 28 2016)

News and Press Release - Dated:- 29-11-2016 - 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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tore 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 and deposited at any of the bank branches of commercial banks/ Regional Rural Banks/ Co-operative banks (only Urban Co-operative Banks and State 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. No e .....

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notes in the denominations of ₹ 500 and ₹ 1000 under the scheme. However, these notes can be exchanged at RBI Offices only. 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? The Scheme does not provide for it, given its objectives. 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 wal .....

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pproaching 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 deposit 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 has been stopped at bank branches with effect from November 25, 2016. 10. Should I go to bank personally for deposit or can I send the notes through my representativ .....

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nsfer to your account. 11. Can I withdraw from ATM? The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to ₹ 2500/- per day. This will enable dispensing 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 l .....

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er 30, 2016, subject to review. 13. Does the limit of ₹ 24000 withdrawal apply to withdrawals from bank account of one bank from another bank? These limits are not applicable 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 - f .....

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and Cash Credit accounts and traders registered 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 .....

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related expenses. This is subject to the 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 .....

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e a bank account, where the amount 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 card .....

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omination can be used for making 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 .....

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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). 18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mod .....

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can transfer funds from such 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 o .....

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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, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff) 20. 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. 21. I am a foreign tourist, I have .....

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for buying medicines with doctor's prescription; (b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports 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; However, the purchase from Consumer Cooperative Stores will be limited to ₹ 5000 at a time; (d) for purchase .....

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y rail; (j) for making payments for purchasing tickets for travel by suburban and metro rail services; (k) for making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India. (l) for making payments towards any fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies; (m) for making payments towards utility charges for water and electricity only. -which shall be restricted to individuals o .....

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lause, specified bank notes shall mean bank notes of the denominational value of five hundred rupees (p) Payment of School fees up to ₹ 2000 per student in Central Government, State Government, Municipality and local body schools; (q) Payment of fees in Central or State Government colleges; (r) Payments towards pre- paid mobile top-up to a limit of ₹ 500 per top-up (s) Toll payment at these toll plazas of the Ministry of Road Transport and Highways may be made through old ₹ 500 .....

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