New Delhi, Nov 9: In the wake of Prime Minister Narendra Modi announcing that the Rs 500 and Rs 1,000 notes will not be valid from midnight on Tuesday, here are the steps one needs to take.
Modi announced that new notes of Rs 500 and Rs 2,000 will be made available soon. The announcement to do away with the Rs 500 and Rs 1,000 notes were made to curb the menace of fake currency that has been emanating from Pakistan for several years now.
- From midnight, Rs 500 and Rs 1,000 notes will cease to be legal tender.
- Notes of Rs 500 and Rs 1,000 can be submitted to post offices and banks between November 10 and December 30th, 2016.
- RBI to issue new Rs 500 and Rs 2,000 notes.
- Those who fail to meet deadline can submit the notes at the RBI by providing a declaration.
- For the next 72 hours special arrangements have been made to accept Rs 500 and Rs 1,000 notes at hospitals, airports, railways stations, petrol bunks.
- On November 9 all banks will remain closed for public work.
- RBI's proposal to circulate new Rs 500 and Rs 2,000 notes accepted.
Here is what you should do and know:
Till when will the Rs 500 and 1,000 notes have value?
The notes will have value till December30, provided it is deposited in the bank.
How much money will I get in cash?
You will get Rs 4,000 in cash and rest will be deposited in your bank account.
What if I fall short of cash?
Internet banking, credit, cheques and debit cards can be used.
What if I do not have a bank account?
You can ether open a bank account or get your notes exchanged at the post office, offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks. To open a bank account carry required documents and fill in required KYC details.
Do I have to go to the bank with which I have an account?
For exchange of notes upto Rs 4,000 you can go to any bank. For amount above Rs 4,000 you will need to go to your own bank so that amount can be credited to your account. In case you want to go another bank, carry valid identification documents and bank account details for money to be transferred to your account.
Can I go to any branch of my bank?
Yes, one can go to any branch of the main bank.
Can I got to a bank where my relative or friend has an account?
Yes you can, but your friend or relative should give you permission in writing. Show this letter with identification proof at the bank.
Do I have to personally go to the bank?
Process would be easier if you personally went to the bank. if you send a representative then give him or her a written mandate. The representative will have to carry with him or her the written mandate and valid identification proof.
What can I submit as identification proof?
Aadhaar Card, Driving Licence, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
Can I deposit the notes in the ATM?
Yes, notes can be deposited in the ATM. However, on November 9, ATMs will remain shut.
How much can I withdraw from the ATM?
Till November 18 the withdrawal limit will be Rs 2,000 after which it will be raised to Rs 4,000.
Can I use cheque to withdraw cash?
Yes you can. The ceiling for withdrawals by cheque or withdrawal slips would be Rs 10,000 per day. The ceiling per week would be Rs 20,000 including transactions made through ATMs. The ceiling would be in place until November 24th.
What if I am out of the country?
You can authorise someone to deposit the notes on your behalf.
What if I am an NRI?
You can deposit the notes to your NRO account.
What if I am foreign tourist?
You can purchase foreign exchange equivalent to Rs 5,000 within 72 hours with valid proof of identity.
Where can I get help in case of problems?
Information is available at www.rbi.org.in and GoI website. You can also write to firstname.lastname@example.org or call 022 22602201 / 022 22602944.