Stories
GOI announced withdrawn / ban on Rs.500 and Rs.1000 currency notes - Why ? RBI explains it well enough.
21:59:00
As the Government of India announced the withdrawn ban of Rs.500 and Rs.1000 currency notes in fight against the fake and black currency along with corruption. Reserve Bank of India (RBI) came up details to support the governments move. Here are few points which help you understand the process and how it helps fight against fake and black currency. Also these points will help a common man to exchange currency at banks.
#BanOn500and1000 Now black money might get dumped into Indian Temples @PMOIndia @narendramodi as they dont use EDC Machines for any activity— Content Tech (@TechContentTech) November 9, 2016
 |
| The below mentioned details are referred from FirstPost and Image curtesy by TimeofIndia |
1) What is this scheme?
The currency notes in denominations of ₹ 500 and ₹ 1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD 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 or at any Head Post Office or Sub-Post Office.
2) Why is this scheme?
The fake Indian currency notes are circulating in higher denominations and it 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 Indian Currency Notes continues to be a menace.
In order to put an end to the rising incidence of fake notes and black money, the
scheme to withdraw / ban of Rs.500 and Rs.1000 currency notes has been introduced.
3) How much value will I get?
You will get value for the entire
volume of notes tendered at the bank branches / RBI offices.
4) Can I get all in cash?
No. You will get upto ₹4000 per
person in cash irrespective of the size of tender and anything over and above
that will be receivable by way of credit to bank account.
5) Why I cannot get the entire amount
in cash when I have surrendered everything in cash?
The Scheme of withdrawal of old high
denomination(OHD) notes does not provide for it, given its objectives.
6) ₹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.
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
exchange 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 is available at
all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op
banks or at any Head Post Office or Sub-Post Office.
10) Need I go to my bank branch only?
For exchange upto 4000 in cash you
may go to any bank branch with valid identity proof. For exchange over 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.
11) Can I go to any branch of my
bank?
Yes you can go to any branch of your
bank.
12) Can I go 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 ₹4000.
13) 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.
14) 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 tendering the notes.
15) Can I withdraw from ATM?
It may take a while for the banks to
recalibrate their ATMs. Once the ATMs are functional, you can withdraw from
ATMs upto a maximum of ₹2,000/- per card per day upto 18th November, 2016. The
limit will be raised to ₹4000/- per day per card from 19th November 2016
onwards.
16) 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 ₹20,000/- in a week (including withdrawals from ATMs) for the
first fortnight i.e. upto 24th November 2016.
17) Can I deposit withdrawn notes
through ATMs, Cash Deposit Machine or cash Recycler?
Yes, OHD notes can be deposited in
Cash Deposits machines / Cash Recyclers.
18) Can I make use of electronic
(NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet
Banking/Mobile Banking or any other electronic/ non-cash mode of payment.
19) How much time do I have to
exchange the notes?
The scheme closes on 30th December
2016. The OHD 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 Old High Denomination Banknotes 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 specified by the Reserve Bank of
India.
20) I am right now not in India, what
should I do?
If you have OHD 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 OHD 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)
21) I am an NRI and hold NRO account, can the exchange value be
deposited in my account?
Yes, you can deposit the OHD
banknotes to your NRO account.
22) I am a foreign tourist, I have
these notes. What should I do?
You can purchase foreign exchange
equivalent to ₹5000 using these OHD notes at airport exchange counters within
72 hours after the notification, provided you present proof of purchasing the
OHD notes.
23) I have emergency needs of cash
(hospitalisation, travel, life saving medicines) then what I should do?
You can use the OHD notes for paying
for your hospitalisation charges at government hospitals, for purchasing bus
tickets at government bus stands for travel by state government or state PSU
buses, train tickets at railway stations, and air tickets at airports, within
72 hours after the notification.
24) 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.
25) Where can I get more information
on this scheme?
Further information is available at
our website (www.rbi.org.in) and GoI website (www.rbi.org.in).
0 comments