Why this scheme?
The incidence of fake Indian currency notes in higher denominations has increased. They are being used by terrorists and for hoarding black money. India remains a cash-based economy, hence the circulation of fake currency notes is a menace.
What is this scheme?
Old high denomination (OHD) notes of D500 and D1000 stand withdrawn. They cannot be used for transacting business. They can be exchanged at any of the 19 offices of the RBI or at any bank or at any head post office or sub-post office.
How much value will I get?
You will get value for the entire volume of notes you tender.
Can I get all in cash?
No. You will get up to D4000 per person in cash irrespective of how much you submit, and anything over and above that will be receivable by way of credit to your bank account.
Why can’t I get the entire amount in cash when I am surrendering everything in cash?
The scheme does not provide for it, given its objectives.
Rs 4000 in cash is insufficient for my needs. What to do?
You can use your bank balance to pay for other requirements by cheque or through electronic payments such as internet banking, mobile wallets, IMPS, credit/debit cards etc.
What if I don’t have a bank account?
You can open a bank account by approaching a bank branch with necessary documents.
What if I have only a JDY account?
A JDY account holders can avail the exchange facility subject to the caps and other laid down limits in accordance with norms and procedures.
Where can I go to exchange the notes?
All issue offices of RBI and branches of commercial banks/RRBS/UCBs/State co-op banks or any head post office or sub-post office.
Must I go to my bank branch only?
For exchange up to D4000 in cash you may go to any bank branch with valid identity proof. For exchange over D4000, which will be accorded through credit to a bank account only, you may go to the branch where you have an account or to any other branch of the same bank.
In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details for electronic fund transfer to your account.
Can I go to any branch of my bank?
Yes, you can go to any branch of your bank.
Can I go to any branch of any other bank?
Yes, you can go to any branch of any other bank. In that 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 4000.
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 relative/friend, etc gives you permission in writing. While exchanging, you should provide to the bank evidence of permission given by the account holder and your valid identity proof.
Should I go to the bank personally or can I send the notes through a representative?
A personal visit to the branch is preferable. In case it is not possible for you, you may send your representative with an express mandate i.e. a written authorisation. The representative should produce an authority letter and his/her valid identity proof while tendering the notes.
Can I withdraw from ATM?
It may take a while for banks to recalibrate their ATMs. Once ATMs are functional, you can withdraw up to a maximum of D2,000 per card per day up to 18 November, 2016. The limit will be raised to D4000 per day per card from 19 November 2016 onwards.
Can I withdraw cash against a cheque?
Yes, you can withdraw cash against a withdrawal slip or cheque subject to a ceiling of D10,000 in a day within an overall limit of D20,000 in a week (including withdrawals from ATMs) for the first fortnight, i.e. upto 24 November 2016.
Can I deposit withdrawn notes through ATMs, cash deposit machines or cash recyclers?
Yes, high denomination notes can be deposited in cash deposits machines/cash recyclers.
Can I make use of electronic (NEFT/RTGS/IMPS/Internet Banking/Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/non-cash mode of payment.
How much time do I have to exchange the notes?
The scheme closes on 30 December 2016. High denomination banknotes can be exchanged at branches of commercial banks, regional rural banks, urban cooperative banks, state cooperative banks and RBI till 30 December 2016.
For those who are unable to exchange their banknotes on or before December 30, 2016, an opportunity will be given to do so at specified offices of RBI, along with necessary documentation as may be specified by the RBI.
I am right now not in India, what should I do?
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 old high denomination banknotes, the authority letter given by you and a valid identity proof.
I am an NRI and hold an NRO account. Can the exchange value be deposited in my account?
Yes, you can deposit the OHD banknotes to your NRO account.
I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to Rs 5000 using OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.
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.
What is proof of identity?
Valid identity proof is any of the following: Aadhaar card, driving licence, voter ID card, passport, NREGA card, PAN card, identity card issued by a government department, public sector unit to its staff.
Where can I get more information on this scheme?
Further information is available at the RBI website (www.rbi.org.in)
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.