The Narendra Modi government has waived off the surcharge for using ATMs other than your homebank to withdraw money following demonitization of high value currency notes. The decision by the government aimed at cracking down on black money hoarders caused major panic and chaos among people.
Long queues outside ATMs and in banks for exchange were spotted across the country today. The government has been taking a slew of measure to ease the process. New Rs 2000 and Rs 500 notes made entry into the market today. Also banks will be working through out the day today. Here are other relevant information that will help you to figure what to do with the Rs 1000 and Rs 500 notes:
QHow do I exchange my Rs 1000 and Rs 500 notes
A: At all offices of RBI, government and private banks or at post offices
Banks are working this Saturday and Sunday too.
Q: Can I exchange all the Rs 1000 and Rs 500 I have currently?
A: No. You can get up to Rs 4000, Rest will be transferred to your bank account
Q: But I don’t have a bank account?
A: Easy, take all your papers needed for KYC to the bank and get one made
Q: Rs 4000 is so less. What if I need more money?
A: Use cheques, e-banking, mobile wallets, credit/debit cards
Plus you are allowed to withdraw upto Rs 2000 from ATMs.
Q: Can I go to any branch of my bank?
A: Yes, you can
Q: Can I go to any other bank?
Yes, you can. Just carry a valid ID proof.
Q: Can I get it exchanged in a relative’s account?