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.