Dear Comrades,
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 Rs. 500 and Rs. 1000
stands withdrawn.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withdrawn old high denomination (OHD) notes cannot be used for transacting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 and at any Head Post Offices /Sub-Post Offices.
3. How much value will I get?
You
will get value for the entire volume of notes tendered at the bank branches /
RBI offices/ Head Post Offices and Sub-Post Offices.
4. 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/post office 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. 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 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 an account by approaching a bank branch/post office with
necessary documents required for fulfilling the KYC requirements.
8. 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.
9. Can I go to a Branch Post Office to
exchange old High Denomination (OHD) Notes.
No.
10. Need I go only to my post office where I
have the account?
For
exchange upto 4000 in cash you may go to any H.O./S.O. with valid identity
proof.
For
exchange over 4000, which will be accorded through credit to Bank/POSB account
only, you may go to the bank branch/post office where you have an account or to
any other CBS Post Office.
In
case you want to go to a branch of any other bank/post office where you are not
maintaining an account, you will have to furnish valid identity proof and POSB account
details required for electronic fund transfer to your account. Both the offices should be under CBS.
11. Can I go to any Post Office for this?
Yes,
you can go to any post office provided both the POs (where your account stands
and where you want to deposit) are under CBS.
12. Can OHD notes be accepted by non-CBS Post
Offices?
Yes, they can accept OHD notes for
exchange upto Rs. 4,000 with identity proof.
Besides, they are also permitted to accept deposits of OHD notes in POSB
accounts standing in their offices. OHD
notes shall not be accepted in these offices for POSB accounts standing in
other offices. All the conditions
stipulated for identification/preparation of statement prescribed should be
followed/submitted by these non-CBS offices.
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’s relative/friend etc gives you
permission in writing. While exchanging, you should provide to the post office,
evidence of permission given by the account holder and your valid identity
proof.
14. Should I go to post office personally or can
I send the notes through my representative?
Personal
visit to the post office is preferable. In case it is not possible for you to
visit the post office 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 vendor to recalibrate the 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 Rs.
10,000/- in a day within an overall limit of ₹20,000/- in a week (including
withdrawals from ATMs) for the first fortnight i.e. upto 24th November 2016.
17. 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/and Departmental Post offices 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.
18. 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 post account. The person so
authorised has to come to the post office 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)
19. I am a foreign tourist, I have these
notes. What should I do?
You
can purchase foreign exchange equivalent to Rs. 5000 using these OHD notes at
airport exchange counters within 72 hours after the notification, provided you
present proof of purchasing the OHD notes.
20. 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.
21. 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.
22. Where can I get more information on this
scheme?
Further
information is available at website (www.rbi.org.in)
23. 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.
For issues relating to POSB transaction, you may contact control room
functioning at the following telephone:
Postal
Directorate – 011-23036967, 23036224
