Saturday, November 12, 2016

Exchanging notes: Points to remember

THIRUVANANTHAPURAM: Banks across the State continue to witness heavy rush though two days have passed after the scrapping of Rs 500 and Rs 1000 notes. In many places, the police have had to interfere to control the crowd.

1. ATMs have started functioning from November 11. For full-fledged functioning it will take ten more days, SBI Chairman Arundhati Bhattacharya has clarified.

2. The maximum amount that can be withdrawn from ATM today is Rs 2000 per person. This will be further increased to Rs 4000.

3. An ATM cards of a bank can be used in any ATM outlet. According to Reserve Bank instructions, the service charge in this regard has been abolished.   

4. There is no need to panic as bank will function week end and today also bank will function extra time.

5. Deposit machines will also be provided in ATMs from today to help people deposit old notes. But if the notes get stuck in the machine, official and legal procedures may entail to check the authenticity of the note.

6. Till Friday, Old notes will be accepted by government recognised public sector oil companies’ petrol pumps, milk booths, crematoriums and counters where revenue including water charge are remitted.   

7. Old notes can be used to buy railway/air ticket. Tickets bought thus can’t be cancelled as the other day, a person who tried to whiten his black money by cancelling his flight ticket within hours of buying it, was caught.  

8. There is no limit for deposits in the saving banks account. But those who deposit above Rs 2 lakh should furnish the source of money. Or else he or she will have to pay 200 per cent fine, according to RBI instructions.

9.  Consumers have been given 50 days’ time to exchange notes, ie from November 10 to December 30. Notes can be exchanged at banks and post offices. You will have to fill a form and submit it along with the notes and  a copy of your ID proof.

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