1. What is the reason for introducing this scheme?Well, the reason is black money! Unaccounted currency is largely used for corruption or illegal deals that take variety of high-value notes. This includes 500 Rs. and 1000 Rs. notes which were being used to fund corruption and terrorism. To stop these incidences, this scheme has been introduced.
2. How much sum of money will I get?You can visit RBI office or other bank branches to get value for entire volume of notes.
3- Can I receive all of them in cash?You can balance bank accounts to pay for various requirements through cheque or via electronic modes of payments like Internet banking, online mobile wallets, credit or debit cards and many others.
4. What will happen if I don’t have bank account?No need to worry, you are allowed to open a new bank account on any working day providing essential documents mandatory to complete KYC requirements.
5. What if, if I consist only JDY account?
A JDY (Jan Dhan Yojna) account holder can avail the deposit facility subject to the caps and other laid down limits in accord with norms and procedures. As a temporary measure, JDY account holders can withdraw ₹ 10,000/- in a month.
6. Should there is a need to visit bank personally for deposit or can I send the notes through my representative?
7. Can I withdraw the sum of amount from ATM?Yes without any doubt you can withdraw from ATM with the maximum limit 2500/- per day. This will enable provision of lower denomination currency notes for about ₹ 500/- per withdrawal. The ATMs which are still recalibrated will continue to dispense ₹ 2000. The waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016, subject to review.
8. Can I be able to withdraw cash against cheque?Yes, you can withdraw cash using withdrawal slip or cheque subject to a weekly limit of ₹ 24000/- (including withdrawals from ATMs and over the counter) from the bank accounts.
9. Can I withdraw a higher amount for the purpose of my ward’s wedding?You are allowed to withdraw cash of maximum ₹ 250000/- till December 30, 2016 to meet wedding related expenses. This is subject to the following conditions:
10. What is being done for the farmers?Farmers are allowed to draw up to ₹ 25000/- cash in a week from their loan (including Kisan Credit Card limit). Banks with currency have been also advised to ensure sufficient cash supply to the DCCBs and RRBs. Adequate fund supply should ensure for rural branches of all commercial (including RRBs).
11. Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine, cash Recycler and bank branches multiple times?Yes, you can deposit specified Bank Notes in Cash Deposits machines / Cash Recyclers or at bank branches more than once till December 30, 2016. At various bank branches, users must use separate pay-in-slips for depositing specified bank notes and other legal tender bank notes.
I am an NRI and hold NRO account, can the exchange value be deposited in my account?Sure, you can deposit the Specified bank notes to your NRO account.
13. I am a foreign tourist, I have these old currencies. What should I do?Foreign populace will be permitted to exchange foreign currency up to ₹ 5000 in a week. Necessary entry to this effect will be made in their passports.
14. I am right now not in India, what should I do?If you have Specified banknotes in India, you may authorize in writing enabling another person in India to deposit the notes into your bank account. Valid identities proof like:
15. Where can I get more information on this scheme?People can visit on our website (www.rbi.org.in) or the Government website of India (www.finmin.nic.in)
16. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?You can use all the electronic modes of payments including NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash.
17. I have emergency needs of cash (hospitalization, travel, life saving medicines) then what I should do?Till the December 15, 2016, specified banknotes of only 500 denomination can be used as under:—
18. Can I deposit SBN to Small Savings Scheme?According to the Government of India, subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Therefore, Banks have been advised not to accept SBNs for deposits in Small Saving Schemes with immediate effect.