Race Game

New Delhi : Narendra Modi on Tuesday announced that Rs 500 and Rs 1,000 rupee banknotes would be withdrawn from circulation at midnight to crack down on rampant corruption
1)What are the restrictions on ATM withdrawals?

?ATMs will not work on November 9 and in some places on November 10. But from November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.

?From November 10 till December 30 you can deposit the old notes at your nearest bank or post office accounts without any limit. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. 

?You can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24. must produce a valid government identity cards like PAN, Aadhaar and Election Card.Banks will remain closed on November 9 allowing them time to cope with the new directive.There is no restriction of any kind on non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer

?It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs up to a maximum of Rs 2,000 per card per till November 18. The limit will be raised to Rs 4000 per day. Per card from November 19.

?Yes, specified bank notes can be deposited at cash deposits machines/cash recyclers.

?The scheme closes on December 30. The specified banknotes can be exchanged at branches of commercial banks, regional rural banks, urban cooperative banks, state cooperative banks and the RBI till December 30. For those who are unable to exchange their specified bank notes on or before December 30, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified railway stations, and air tickets at airports, within 72 hours after the notification.

7)What is more information?
?Narendra Modi said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Rs 1 and all coins will continue to be valid.

?The incidence of fake Indian currency notes in higher denomination has increased. For ordinary people, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for anti-national 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 the Rs 500 and Rs 1000 notes has been introduced.

?You will get value for the entire volume of notes tendered at the bank branches/RBI offices.

?The scheme does not provide for it, given its objectives.

?You can always open a bank account by approaching a bank branch with necessary documents.

?The exchange facility is available at all issue offices of the RBI and branches of commercial banks/RRBS/UCBs/state co-op banks or at any head post office or sub-post office.

?Yes you can go to any branch of your bank.

?Yes, you can do that if the account holder 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.

?The legal tender character of the existing bank notes in denominations of Rs 500 and Rs 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof, these bank notes cannot be used for transacting business and/or storage of value for future usage. These bank 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.

?No. You will get up to Rs 4000 per person in cash irrespective of the size of tender. Anything over and above that will be receivable by way of credit to bank accounts.

?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.

?A Jan-Dhan Yojana account holder can avail the exchange facility subject to the caps and other laid down limits in accordance with norms and procedures.

?For exchange of up to Rs 4000 in cash, you may go to any bank branch with a valid identity proof.

For exchange of over Rs 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.

?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 Rs 4000.

Valid Identity proof is any of the following: Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, identity card issued by the government, public sector unit to its staff.

?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) up to November 24, after which these limits. 

?If you have specified banknotes in India, you may authorise someone in writing, enabling the person to deposit the notes into your bank account. The person so authorised has to come to the bank with the specified 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, passport, NREGA card, PAN card, identity card issued by the government, public.

?You can purchase foreign exchange equivalent to Rs 5000 using these specified bank notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the specified bank notes.