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 Indian Currency Notes continues to be a menace. In
order to contain the rising incidence of fake notes and black money,
the scheme to withdraw has been introduced.
2. What is this scheme?
The legal tender character of the existing bank notes in
denominations of ₹500 and ₹1000 issued by 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stands withdrawn.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.
These Bank 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.
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 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) upto 24th
November 2016, after which these limits shall be reviewed.
17. 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.
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 Specified 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 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.
20. 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 your
bank account. The person so authorised has to come to the 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)
21. 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.
22. I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to ₹5000 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.
23. 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.
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 on our website (www.rbi.org.in) and the website of the Government of India (www.finmin.nic.in)
26. If I have a problem, whom should I approach?
You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944 |
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