Yes, you read that absolutely right! The Indian Government in a historical move on 8th November banned Rs 500 & 1000 denomination of currency notes from immediate effect to curb #blackmoney!
While this move is being welcomed by some while some are ho-hum about it, let BookMyIdentity quickly provide you some inputs on the whole issues as per reports from the Reserve Bank Of India, the authorized body that regularizes currency notes in India.
Vital Stats Of The Ban
Why Is This Scheme Implemented?
The tendency of fake Indian currency notes using higher denomination has increased. For common people, the fake notes still look like the original with no security feature copied which are used for anti-national & illegal activities.
High denomination notes such as 500 & 1000 are put to use by terrorists for hoarding black money. Since India is still a cash-based economy, the circulation of fake Indian currency is a menace.
That’s why, in order to contain the rising tendency of fake notes & black money, the scheme to withdraw 500 & 100 notes immediately has been introduced.
What Is This Scheme?
The legal tender characters of the notes in the denominations of Rs 500 & 1000 stands canceled & have no legal value after November the 8th, 2016.
Thus, old notes cannot be used for transaction or business purposes. The old notes could be exchanged at all 19 RBI branched spread across the country or any of the bank branches or post offices/sub-post offices.
How Much Value Will I Get?
You are set to get the entire value of notes volumes exchanged at bank branches/RBI offices/post/sub-post offices.
Will I Get All In Cash?
No! You will only be entitled to get up to Rs 4000 per person in cash irrespective of the tender size & anything exceeding will be received only by way of bank account credit.
Rs 4000 Is Not Good Enough For My Need, What Next?
You can put to use your balances in an account by paying via plastic money (credit/debit card/internet banking/wallets) or by cheques.
What If I Don’t Have Any Bank Account?
You can always initiate a bank account opening by approaching any bank of your choice with valid documents required for meeting KYC criteria.
Shall I Go To My Bank Branch Only?
For exchange not exceeding Rs 4000 in cash, you may go to any bank with a nationalized identity proof (Pan Card, Aadhaar Card, Voter Id Card, Passport, Driving License). For exchange for more than Rs 4000 (to be done via only bank account credit), you will be required to go to your home branch or to any other branch of the same bank.
Can I Go To Any Branch Of My Bank?
Yes, you can always go to any branch of your bank.
Can I Go To Any Branches Of Other Bank Other Than My Own?
Yes, you can do that but, you will have to furnish valid ID proofs for exchange in cash. (Both ID proofs & bank account details such as account number, IFSC codes etc will also be required for electronic fund transfer for amount exceeding Rs 4000.
Can I Withdraw From ATM?
It will take a while for the banks to recalibrate their ATMs & once they are functional, you can withdraw from ATMs a maximum of up to Rs 2000 per card till 18 November 2016. Starting 19 November 2016, the limit will be set at Rs 4000.
Can I Withdraw Cash Against Cheque?
Yes, you can go ahead & withdraw cash against withdrawal slip or cheque up to a limit of Rs 10,000 per day with a limit of Rs 20,000 in a week (includes ATM withdrawal as well) till 24 November 2016.
Can I Deposit Withdrawn Notes Via ATMs, Cash Deposit Or Cash Recycler?
Yes, that can be easily done without issues.
Can I Use Electronic RTGS/NEFT/IMPS/Internet Banking/Mobile Banking Mode?
Yes, you can use all methods for any electronic or non-cash based mode of payments.
How Much Time I Have To Exchange Old Notes?
You have time till 30th December to exchange notes.
I Am In Dire Need Of The Money To Be Used For Travel/Hospitalization, Life-Saving Medicines, What Should Be Done Then?
You can use the old notes to purchase the bus ticket at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, air tickets at airports & at hospitals for all services.
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