How to Exchange Rs 500 Rs 1000 Notes in Bank Application Form and RBI Guidelines
How Can Withdrawal New RS 500/- and 1000/- Bank Application RBI Guidelines at www.rbi.org.in. Exchange Old Note Currency of Rs 500 and Rs1000/- in Banks to fill Registration Request from Download. Banks Withdrawn denomination of Rs 500 and Rs1000/- Registration Request from. Exchanging Bank Notes in the denominations of Rs 500/- and Rs1,000/- shall report Request from Download. RBI released Guidelines old How Can Withdrawal New RS 500/- and 1000/- Bank Application RBI Guidelines, Old Currency Change Withdr awal of Legal Tender Character of existing ` 500/- and ` 1000/- Bank Notes In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India.
(i) the specified bank notes of aggregate value of ` 4,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity; the limit of ` 4,000/-
(ii)for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of this notification and appropriate orders may be issued, where necessary;
(iii) there shall not be any limit on the quantity or value of the specified bank notes to be credited to the account maintained with the bank by a person, where the specified bank notes are tendered; however, where compliance with extant Know Your Customer (KYC) norms is not complete in an account, the maximum value of specified bank notes as may be deposited shall be ` 50,000/-;
(iv) The equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity
(v) the equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indicated in Annex
(vi) cash withdrawal from a bank account over the counter shall be restricted to ` 10,000/- per day subject to an overall limit of ` 20,000/- a week from the date of the notification until the end of business hours on 24th November, 2016, after which these limits shall be reviewed
(vii) there shall be no restriction on the use of any non-cash method of operating the account of a person including cheques, demand drafts, credit or debit cards, mobile wallets and electronic fund transfer mechanisms or the like
(viii) withdrawal from Automatic Teller Machines (hereinafter referred to as ATMs) shall be restricted to ` 2,000 per day per card up to 18th November, 2016 and the limit shall be raised to ` 4,000 per day per card from 19th November, 2016
(ix) any person who is unable to exchange or deposit the specified bank notes in their bank accounts on or before the 30th December, 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 it
(x) Business Correspondents (BCs) may also be allowed to exchange Specified Bank Notes upto ` 4000/- per person as in the case of bank branches, against valid identity proof and requisition slip. For this purpose banks may, at their discretion, enhance the cash holding limits of BCs at least till December 30, 2016
(xi) While crediting the value of Specified Bank Notes to Jan Dhan Yojna Accounts, the usual limits will apply mutatis mutandis.
which the members of public and other entities will be exchanging the Specified Bank Notes for Bank Notes in other valid denominations or depositing the Specified Bank Notes for crediting to their accounts, upto and including the December 30, 2016.
