Ban on ₹500 and ₹1000
Comman man has got confused and some what getting worried due to ban on ₹500 and ₹1000 notes. Don’t worry!!! RBI ( Reserve Bank Of India ) has answers for your all questions.
Your questions- RBI’s Answers –
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The legal tender character of the notes in denominations of Rs 500 and Rs 1000 stands withdrawn. The old notes can be exchanged for full 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. Can I get all in cash?
No. You will get upto Rs 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.
4. Rs 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
5. 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 higher value, you can to any other branch of your own bank.
6. 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.
7. Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs 10,000/- 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.
8. How much time do I have to exchange the notes?
The scheme closes on 30th December 2016. After that the amount can be deposited in specified offices of the RBI, along with necessary documentation.
9. I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to Rs 5000 using these old notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the notes.
10. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?
You can use the old 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.
Reference – Times of India