Hi All,
Got this nice forward for depicting the bold decision yesterday taken by the Government.
Also please read the FAQ's answered by RBI by clicking here
Forwarded message as received - (Looks authentic based on the RBI story above)
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 Rs1000
stands withdrawn. In consequence thereof withdrawn old high denomination (OHD)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 Rs.2,000/- per
card per day upto 18th November, 2016. The limit will be raised to Rs.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 Rs10,000/- in a day within an overall limit of Rs.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
https://rbi.org.in/Scripts/FAQView.aspx?Id=119
