Here we present you frequently asked questions regarding rejected currency notes of 500 and 1000.
What to do with the rejected notes?
There is no need to worry as you have 50 days to get those deposited in to your bank or post office.
What if I fail to get those rejected notes deposited within 50 days?
If you fail to deposit the rejected currencies within 30th December 2016, the currencies will be accepted in specific bureaus put up by Reserve Bank of India up to 31st March 2017; for which, you may have to obtain a written letter deeming the key reasons made you fail to deposit within the prescribed time limit along with identity cards including PAN and AADHAR.
What we should do if we need money now?
Submit your 500Rs/1000Rs note to nearest bank or post office. You may be asked to present AADHAR card or PAN card for verification before getting it changed with valid currencies.
Is there a time limit on getting currencies exchanged from a bank or post office?
Yes, there is! You need to get the rejected currencies replaced before 24th November 2016. After the date, you won’t be able to get your 500Rs/1000Rs notes changed.
So, is there any restriction on how much we can exchange per day?
Yes, you cannot change 500Rs/1000Rs notes totaling more than 4000/-Rs per day.
What if I exchange money from multiple banks per day crossing the limits?
Exchange can be made only with the bank where you hold an active account. To get it exchanged from another bank, you may have to present all the identity cards with active bank account details. In case, you lack an active bank account, you can get the notes changed from your friend or relative’s bank account with a written consent signed by account holder.
Will banks be closed during any day before 24th Nov?
Banks may be closed on 9th Nov 2016 & 10th Nov 2016 and not any more than that for sure.
Is there any limit on withdrawal?
Yes, there is! Money not more than 2000/-Rs can be withdrawn from ATMs per day till 18th November 2016.
What if my emergency situations need money?
Hospital, Petrol pump, Railway counters, Bus stop counters will continue accepting rejected currency notes till 11th November before midnight.
So Nashikites, make sure you are not late to get those rejected currency notes changed.
Let us know, if this is the wisest decision to be taken by any prime minister of India!