Latest updates on the Demonetization of Rs 500 and Rs 1000 notes
Sai Krishna Muthyanolla
December 8, 2016
Here is the latest on the demonetization issue with detailed information on various limits as on 31st December 2016
The official date for deposit of old notes is now over. Only a specific set of people can deposit old notes during the grace period of the next 6 months.
ATM withdrawal limit has been increased to Rs 4,500 per day per card from January 01, 2017. There will be not change in the weekly withdrawal limits. RBI has instructed banks that ATM disbursals be made in the denomination of Rs 500.
New Deposit Rules (with effect from 19th December 2016)
Quoting of PAN is mandatory in the following transactions
Exchanges
Cash Withdrawal at Bank Branches
ATM Withdrawals
Special Provisions for Farmers & Traders buying Agricultural Produce
Special Provisions for Weddings
Special Provisions for Group C & Other Employees
Central Government employees up to Group `C’ including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be given an option to draw salary advance up to Rs 10,000 in cash. This amount will be adjusted in their salary for November, 2016.
Using the Banking Correspondents Network (BCs) for rural areas
e-Payments
Old Notes will be accepted for the following till 15th December 2016
The old Rs 500 notes will be accepted till the midnight of 15th December 2016 for the following transactions/payments. It has to be noted that the old Rs 1000 notes won’t be accepted in these places. The government has also notified certain changes the earlier list. Purchase of Airline tickets & petrol/diesel with the old notes will not be possible from 03rd December.
Apart from these
Others
One may approach the control room of RBI by email or on Telephone Nos 022-22602201 or 022-22602944.
Featured Image: www.rbi.org.in