Nov 10, 2016

How to change old denomination notes

Why is this scheme introduced?
The incidence of fake Indian currency notes of 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 anti-national 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 contain the rising incidence of fake notes and black money, the scheme has been introduced.
How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
Can I get all in cash?
No. You will get up to Rs.4,000 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.

A sum of Rs.4000 cash is insufficient for my needs.
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 and credit/debit cards.
What if if I have only Jan-Dhan account?
A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accordance with norms and procedures.
Where can I go to exchange the notes?
The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/Regional Rural Banks/ Urban Cooperative Banks (UCBs)/State Co-op banks or at any Head Post Office or Sub-Post Office.
Need I go to my bank branch and not other banks’?
For exchange up to Rs.4,000 in cash you may go to any bank branch with identity proof.
For exchange of more than Rs.4,000, which will be credited to your bank account only, you may go any branch of a bank with which you have an account.
To use other banks’ branches, you will need identity proof and your bank account details required for electronic fund transfer to your account.
Can I go to any branch of my bank?
Yes you can go to any branch of your bank.
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 Rs.4,000.
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.
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.
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 Rs. 2,000 per card per day upto 18th November, 2016. The limit will be raised to Rs.4, 000 per day per card from November 19, 2016, onwards.
Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs.10,000/- in a day within an overall limit of Rs.20,000/- in a week (including withdrawals from ATMs) up to November 24, 2016, after which these limits shall be reviewed.
Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine or cash Recycler?
Yes, specified bank notes can be deposited in cash deposits machines / cash recyclers.
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.
How much time do I have to exchange the notes?
The scheme closes on December 30, 2016. The specified bank notes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till December 30, 2016.
For those who are unable to exchange their specified bank notes 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.
I am right now not in India, what should I do?
If you have specified bank notes 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 bank notes, 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)
I am an NRI and hold Non Resident Ordinary Rupee (NRO) account, can the exchange value be deposited in my account?
Yes, you can deposit the specified bank notes to your NRO account.
I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to Rs.5,000 using these specified bank notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the specified bank notes.
I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?
You can use the specified bank 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.
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.
If I have a problem, whom should I approach?
You may approach the control room of RBI by on Telephone Nos 022 22602201/022 22602944
What are the points I should bear in mind?
Since it is a massive exercise there is going to lot of confusion till the new currencies come into circulation totally and banks and ATMs are fully prepared for this. You need to cope with limited availability of notes and use the cash smartly. Also there is no clarity whether you can use multiple banks to exchange notes, since the limit is Rs.4,000 per person. Also IT Department would be keep a close watch on the deposits, so have clear proof of the source of money you are depositing.

No comments:

Post a Comment

അഭിപ്രായങ്ങള്‍ മലയാളത്തിലോ ഇംഗ്ലീഷിലോ എഴുതുക. അവഹേളനപരവും വ്യക്തിപരമായ അധിക്ഷേപങ്ങളും അശ്ളീല പദപ്രയോഗങ്ങളും ദയവായി ഒഴിവാക്കുക.