Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes
1. Why is this scheme?
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 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₹ 1000 stands withdrawn. In consequence thereof withdrawn old high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.
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)
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
courtesy: sapost.blogspot.in
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