Notes Exchange Facility: Here are key things you should know
If you are heading to ATMs or bank branches for exchange or deposit of your old Rs 500 and Rs 1,000 notes, here are important things that you should know.
In order to provide convenience to their customers for exchange or deposit of old Rs 500 and Rs 1,000 notes, all banks have opened their Automated Teller Machines (ATMs) on Friday and bank branches will be functional full time on this week's Saturday and Sunday.
If you wish to exchange or deposit Rs 500 and Rs 1,000 notes, here are key things that you need to know before you visit the ATMs or banks:
1. The exchange facility is available at all issue offices of Reserve Bank of India (RBI) and branches of commercial banks/Regional Rural Banks/Co-operative banks or at any head post office or sub-post office, according to RBI's latest release on frequently asked questions on 'Withdrawal of legal tender character of the existing Bank Notes in the denominations of Rs 500 and Rs1,000'.
2. You can go to any branch of your bank where you hold account.
3. Similarly, you can go to any branch of any other bank. In such 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 4,000.
4. Valid identity proof from any of the following is acceptable:
* Aadhaar Card
* Driving License
* Voter ID Card
* NREGA Card
* PAN Card,
* Identity Card issued by Government of India's department, public sector unit to its staff.
5. For exchange upto Rs 4,000 in cash you may go to any bank branch with valid identity proof. For exchange over Rs 4,000, 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.
6.You can also get your notes exchanged into bank account where you friends or relatives hold the account by getting their written permission. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.
7. In case it is not possible for you to visit the branch personally you may send your representative with an express mandate that is a written authorisation. The representative should produce authority letter and his/her valid identity proof while tendering the notes.
8. It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs 2,000 per day per card upto November 18, 2016. The limit will be raised to Rs 4,000 per day per card from November 19, 2016 onwards.
9. The withdrawal limits of Rs 10,000 are not applicable to cash withdrawal from a bank account by one bank from another bank, post office, money changers operating at International airports and operators of White Label ATMs.
10.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) upto November 24, 2016, after which the government shall review these limits.
11.You can deposit Specified Bank Notes in Cash Deposits machines or Cash Recyclers. The Specified banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Co-operative banks, State Co-operative Banks and RBI till December 30, 2016.
12. For exchanging or depositing old notes of Rs 500 and Rs 1,000, the government has set December 30, 2016, as the deadline.
13. If you are not in India at present and if you have Specified Bank Notes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the Specified Bank Notes, the authority letter given by you and a valid identity proof issued by the Goverment of India.
14. If you are an NRI and holds an NRO account, you can deposit the Specified Bank Notes to your NRO account.
15. In the notes exchange scheme, you can exchange or deposit Specified Bank Notes in the denominations of Rs 500 and Rs 1,000 issued before 2005.
16. Once you deposit or exchange your notes, you will get value for the entire volume of notes tendered at the bank branches or RBI offices. However, you will get upto Rs 4,000 per person in cash exchange irrespective of the size of tender and anything over and above that will be receivable by way of credit to your bank account.
17. If you don't have bank account, you can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the know your customer (KYC) requirements.
18. If you have only Jan Dhan Yojana (JDY) account, you can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedure.
19. If you need any assistance you can approach the control room of RBI via e-mail at firstname.lastname@example.org or you can just give a call to the central bank's office at 022-22602201 and 022-22602944 numbers.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.