To combat the menace of black money, the Narendra Modi government took an exemplary measure by banning the use of the existing Rs 1000 and Rs 500 notes. Though the Reserve Bank of India has come up with the new currency notes for Rs 2000 and Rs 500, there is a lot of confusion among people on what will happen to the value of their hard-earned money. The government and the RBI are trying its best to quell the ambiguities.
Do not panic, your money will be yours. We bring you a point by point guide to help you make an easy transition from the old currency to the new.
1. Will I get the full value of my money?
Yes. You will get full value for your notes at the banks and RBI offices.
2. Can I get all my money exchanged in cash?
No. You can only get upto Rs 4000 per person in cash. The amount over and above Rs 4000 will be submitted to your bank account.
3. What if I need to make payments of more than Rs 4000?
You can use alternate methods to pay like cheques, Internet banking, mobile wallets, IMPS, credit/debit cards etc.
4. But what if I don’t have a bank account?
Creating a bank account is not a tedious process. You can go to any bank branch of your choice with necessary ID proofs needed by the banks.
5. Can Pradhan Mantri Jan-Dhan Yojana holders also deposit the money?
Yes. A JDY account holder can avail the exchange facility as well.
6. Where can I 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.
7. Can I only exchange the old currency at my bank branch?
You can exchange up to Rs 4000 in cash at any bank branch with a valid identity proof. Not just your own bank, it can be exchanged at other banks too with valid ID proofs.
For exchange 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.
8. Can I deposit my money in a relative/ friend’s bank account?
Yes, but you will need a written permission from them. This permission should be furnished to the bank as evidence.
9. Can I authorise someone else to submit the currency in my account on my behalf?
You can send your representative who needs to produce an authority letter and his/her valid identity proof while tendering the notes.
10. What if I’m out of India?
You may authorise another person to deposit notes into your bank account. The person should have the authority letter given by you and a valid identity proof when he comes to the bank to submit the money.
If you are an NRI, you can deposit the currency in your NRO account.
11. How much can I withdraw from ATM?
You can withdraw upto a maximum of ₹2,000/- per card per day upto November 18, 2016. November 19 onwards, you will be able to withdraw Rs 4000 in a day.
12. Can I withdraw cash against cheque?
You can withdraw cash against withdrawal slip or cheque to a maximum of Rs 10,000 in a day and Rs 20,000 in a week (including withdrawals from ATMs). These limits will be reviewed after November 24.
13. Can I deposit the old notes through ATMs, cash deposit machine or cash recycler?
Yes, the Rs 500 and 100 notes can be deposited in Cash Deposits machines/ Cash Recyclers.
14. Where can foreigners deposit the money?
You can purchase foreign exchange equivalent to ₹5000 using these notes at airport exchange counters if you have the proof of purchasing the notes.
15. What is the proof of identity?
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 are valid Identity proofs .
The scheme to exchange the old currency closes on December 30, 2016. Those who are unable to exchange their notes by then will be able to do so at some RBI offices.
The RBI has also set up control rooms to help people make the transition. RBI’s helpline numbers are 022 22602201/022 22602944.