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Banks to remain open this Sat, Sun to exchange junked Rs 500-1,000 Notes

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Banks to remain open this Sat, Sun to exchange junked Rs 500-1,000 Notes

New Delhi, November 9: Having junked 86 per cent of total currency in circulation with the demonitisation decision, the government on Wednesday sought to assuage anxious public saying banks and post offices would start giving out high denomination replacement notes from on Thursday even as it expanded the list of exempt public utilities.

To deal with the chaos at toll plazas arising out of the government's junking Rs 500 and Rs 1,000 notes, the government has suspended fee collection on all booths at National Highways till the midnight of November 11.

“We have issued instructions to suspend collection of fees on all toll plazas on National Highways till November 11 midnight,” Road Transport and Highways Minister Nitin Gadkari said here.

The government also ordered banks to remain open full day on Saturday and Sunday to deal with the rush of people wanting to deposit the defunct currency bills. Besides, many banks would work extra hours tomorrow and the day after.

Why demonetisation scheme?

— Withdrawal of high denomination currency notes introduced to contain rising incidence of fake notes and black money.

— High denomination notes have been misused by terrorists and for hoarding black money.

— The fake notes promote anti-national and illegal activities.

— The OHD (Old high Denomination) notes Rs 500 and Rs 1,000 have been withdrawn

— Cannot be used for transacting business and are of no value in future if stored.

— OHD notes can be exchanged at banks and 19 offices of RBI

Besides, it expanded the list of areas where the withdrawn notes will be accepted till November 11 midnight.

They include payments for metro rail tickets, highway and road toll, purchase of medicines on doctor prescription from government and private pharmacies, LPG gas cylinders, railway catering and ASI monuments entry tickets.

A 72-hour relaxation for use of such notes was given yesterday for government hospitals, railway ticketing, public transport, airline ticketing counters at airports, milk booths, crematoria/burial grounds and petrol pumps.

Where should I go to exchange old notes?

— Any bank can be approached with valid ID proof for exchange up to Rs 4,000.

— Any one of the following is a valid proof of identity: Aadhaar card, Driving licence, Voter ID card, Passport, NREGA card and PAN card

— Your home bank or any of its branches has to be approached for exchange above Rs 4,000.

— The withdrawal through ATM has been limited to Rs 2,000 per day currently.

— Cash can be exchanged against cheque subject to ceiling of Rs 10,000 in a day and an overall limit of Rs 20,000 per week till November 24, 2016.

Banks and ATMs were shut today to remove old Rs 500/1,000 notes and stock them with lower denomination and new hard-to-fake Rs 500 and Rs 2,000 currency notes. Banks will open tomorrow as RBI has sent truckloads of new notes throughout the country, while some ATMs will begin dispensing cash.

“Through RBI's currency chest, adequate currency is (being) provided in all banks and post offices. But it would require 2-3 weeks for full adequate replacement. It would begin tomorrow morning,” Minister Arun Jaitley told reporters here.

Withdrawal limits – Rs 2,000 a day from ATM per card and Rs 10,000 through bank account on a day and Rs 20,000 in a week, will continue for some time, he said. “As and when more currency comes into banking system, there will be a rethink on those limitations.”

Transaction in cash

— Rs 4,000 per person will be available in the form of liquid credit, the rest is credited to the bank account.

— The entire transaction cannot be in liquid form as the scheme does not allow for it

— If that designated amount is insufficient, electronic mode of payment could be used.

For NRIs/foreign tourists

— If you are an NRI and hold an NRO account, OHD (Old high Denomination) bank notes can be deposited in your account.

— If you are out of and hold these OHD notes, a representative can be sent to the bank for exchange with an authorised and a valid identity proof.

— Foreign tourists can exchange these notes at airport exchange counters equivalent to Rs 5,000 within 72 hours after notification along with the proof of purchase.

Officials said while honest tax payers as well as housewives and farmers with genuine savings have nothing to worry if they deposit old currencies in their bank accounts and take out replacement ones, tax authorities would keep a close watch on high-value deposits made from illicit sources, black money or money.

Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs 2.5 lakh of the now-defunct higher denomination currency notes in bank accounts. — PTI

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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