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Frequently Asked Questions (FAQs) on withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ₹ 500/- and ₹ 1,000 and replies there to. (Updated as on December 27, 2016)

News and Press Release - Dated:- 28-12-2016 - Following are the Frequently Asked Questions (FQAs) related to the withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- and replies there to: 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 a .....

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the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn.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 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 .....

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banknotes of ₹ 500 and ₹ 1000? Yes, specified banknotes (SBN) include pre 2005 banknotes in the denominations of ₹ 500 and ₹ 1000. Banks should accept deposits of pre-2005 bank 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 .....

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eposit SBNs into their bank accounts. Banks have been advised to facilitate opening of new accounts for unbanked people. 7. 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. 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. With a view to protect the .....

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; 10,000/- from their account, in a month. The branch managers may allow further withdrawals beyond ₹ 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank s record. (2) Limited or Non KYC compliant account holders may be allowed to withdraw ₹ 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of ₹ 10,000. 9. Where can I go to exchange t .....

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n 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. 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 .....

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own banks ATMs as well as at other banks ATMs, irrespective of the number of transactions during the month. This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 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 Internation .....

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onal for last three months or more will be allowed to draw ₹ 50,000/-per week. This can be done in a single transaction or multiple transactions. This facility has been extended to Overdraft 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 up to ₹ 50000 in cash, in a week. Such .....

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ic to perform and celebrate weddings of their wards it has been decided to allow a cash withdrawal of maximum ₹ 250000/- from their bank deposit accounts till December 30, 2016 out of the balances at credit in the account as at close of business on November 08, 2016 to meet wedding 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 D .....

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ing the invitation card, copies of receipts for advance payments already made, such as Marriage hall booking, advance payments to caterers, etc. A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have 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 evid .....

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cash mode. 16. What is being done for the farmers? Farmers are allowed to draw up to ₹ 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms. Specified banknotes in the denomination 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 Corporat .....

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also be ensured for rural branches of all commercial (including RRBs). Bank branches located in APMCs may also be given adequate cash to facilitate smooth procurement. 17. Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine, cash Recycler 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 .....

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have been introduce by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can transfer funds from such PPIs to their own linked bank accounts up to ₹ 50,000/- per month, without any limit per transaction. Merchants only need to provide a self-declaration in respect of their st .....

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016 till December 30, 2016, subject to review. Relaxation in Additional Factor of Authentication (AFA) for payments upto ₹ 2000/- for card network provided authentication solutions has been permitted for the Card Not Present (CNP) transactions. For details please refer RBI DPSS circular dated December 6, 2016. 19. 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 y .....

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otes to your NRO account. 21. I am a foreign tourist, how much Indian currency can I get after the announcement of withdrawal of legal tender status for specified banknotes? Foreign citizens will be permitted to exchange foreign currency up to ₹ 5000 per week. Necessary entry to this effect will be made in their passports. 22. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do? Exemptions for the use of specified banknotes have been discon .....

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000 into a non KYC compliant bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation will be kept on record to facilitate an audit trail at a later stage. Even when tenders smaller than ₹ 5000 are made .....

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ied bank notes tendered will be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity. The equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indi .....

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Saving Schemes with immediate effect. However deposits into Post Office Savings account are permitted 25. What is proof of identity? 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. 26. Where can I get more information on this scheme? Further information is available on our website (www.rbi.org.in) and the website of the Government of India .....

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