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While I am sure you are already aware of the situation, with so much excessive news surrounding the matter I thought I’d quickly list down some FAQ’s pertaining to exchange and deposit of cash, in one place to help you with the same.

1. How much value will I get for the money I have in hand?

You will get value for the entire volume of notes tendered at bank branches / RBI offices on showing a valid ID proof. Valid Identity proof can be any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

2. Can I get all in cash?

No. You will get upto Rs.4000 per person in cash, per day and anything over and above that will be receivable by way of credit to the bank account.

3. Where can I go to exchange the notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/ Regional Rural Banks/Urban Cooperative Banks/State Co-op banks or at any Head Post Office or Sub-Post Office.

4. Need I go to my bank branch only?

- For exchange upto 4000 in cash you may go to any bank branch with valid identity proof.
- For exchange over 4000, which will be given through credit to your Bank account only, you may go to the branch where you have an account or to any other branch of the same bank with which you have an account.

5. Can I go to any branch of my bank?

Yes you can go to any branch of your bank.

6. 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.

7. Should I go to bank personally or can I send the notes through my representative?

Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

8. Can I withdraw from ATM? 

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 card per day upto 18th November, 2016. The limit will be raised to Rs.4000/- per day per card from 19th November 2016 onwards.

9. Can I withdraw cash against cheque?

Yes, 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 24th November 2016, after which these limits shall be reviewed.

10. How much time do I have to exchange the notes?

The scheme closes on 30th December 2016.

For those who are unable to exchange their Specified Bank Notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

11. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the Specified Bank 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, till 11th Nov.


Published by

Harshit Kabra
(Student CA final)
Category Others   Report

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