Government
of India vide their Notification no. 2652 dated November 8, 2016 have
withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of
banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of
India till November 8, 2016.
This is necessitated to tackle
counterfeiting Indian banknotes, to effectively nullify black money
hoarded in cash and curb funding of terrorism with fake notes.
Starting
from November 10, 2016, members of public/corporates, business firms,
societies, trusts, etc., holding these notes can tender them at any
office of the Reserve Bank or any bank branch and obtain value thereof
by credit into their respective bank accounts.
For their
immediate cash needs, these notes of value up to ₹ 4,000 per person can
be exchanged for cash over the counter of these bank branches.
Public are advised to present a valid proof of identity for availing this exchange facility.
Value
credited to their bank accounts can be freely used by issue of cheques
or by remitting through various electronic modes of transfer like NEFT,
RTGS, IMPS, mobile banking, internet banking etc. Cash withdrawals from
bank accounts, over the bank counters, will be restricted to a limited
amount of ₹ 10,000 per day subject to an overall limit of ₹ 20,000 a
week from November 9, 2016 till end of business on November 24, 2016.
The limits will be reviewed after this.
All ATMs and other
cash machines will remain shut on November 9, 2016 to facilitate
recalibration. When ready, they will be reactivated and cash drawals
from ATMs will be restricted to ₹ 2,000 per day per card up to November
18, 2016 and the limits shall be raised to ₹ 4000 per day per card from
November 19, 2016.
Any person who is unable to exchange or
deposit the specified banknotes in their bank accounts on or before
December 30, 2016 shall be given an opportunity to do so at specified
offices of the Reserve Bank or such other facility until a later date as
may be specified by the Reserve Bank.
For more details members of the public may visit RBI website www.rbi.org.in and Government web site www.gov.nic.in for further information and details. |
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