Withdrawal of 1000 and 500 notes faq information

FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

1. Why is this scheme?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

2. What is this scheme?

The legal tender character of the notes in denominations of ₹ 500 and Rs1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

3. How much value will I get?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

4. Can I get all in cash?

No. You will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

5. Why I cannot get the entire amount in cash when I have surrendered everything in cash?

The Scheme of withdrawal of old high denomination(OHD) notes does not provide for it, given its objectives.

6. ₹4000 cash is insufficient for my need. What to do?

You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

7. What if I don’t have any bank account?

You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

8. What if, if I have only JDY account?

A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

9. Where can I go to exchange the notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

10. Need I go to my bank branch only?

For exchange upto 4000 in cash you may go to any bank branch with valid identity proof.

For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.

In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

11. Can I go to any branch of my bank?

Yes you can go to any branch of your bank.

12. Can I go to any branch of any other bank?

Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹4000.

13. I have no account but my relative / friend has an account, can I get my notes exchanged into that account?

Yes, you can do that if the account holder relative/friend etc gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

14. Should I go to bank personally or can I send the notes through my representative?

Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

15. Can I withdraw from ATM?

It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs.2,000/- per card per day upto 18th November, 2016. The limit will be raised to Rs.4000/- per day per card from 19th November 2016 onwards.

16. Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs10,000/- in a day within an overall limit of Rs.20,000/- in a week (including withdrawals from ATMs) for the first fortnight i.e. upto 24th November 2016.

17. Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.

18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?

You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

19. How much time do I have to exchange the notes?

The scheme closes on 30th December 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.

For those who are unable to exchange their Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

20. I am right now not in India, what should I do?

If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

21. I am an NRI and hold NRO account, can the exchange value be deposited in my account?

Yes, you can deposit the OHD banknotes to your NRO account.

22. I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to ₹5000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.

23. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the OHD notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

24. What is proof of identity?

Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

25. Where can I get more information on this scheme?

Further information is available at our website (www.rbi.org.in) and GoI website (www.rbi.org.in)

26. If I have a problem, whom should I approach?

You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944

Canara Bank App Empower UPI

*Canara Bank app is releasing  - Name - Empower.*
UNIFIED PAYMENT INTERFACE (UPI)
On Monday, the National Payments Corporation of India (NPCI) launched the much awaited Unified Payments Interface (UPI).

It's being hailed by many as one of the biggest changes to take place in the financial sector, but what is the UPI, and what does it mean to you?

Here's a quick guide to everything you need to know about the UPI:

1. The UPI is a system for instant, online bank payments.

2. To send money to someone, you need to know only theirUPI ID - a virtual identity like an email address. This could be your name, or your phone number, so for example, if your phone number is 1234567890, then your virtual address could be 1234567890@sbi (if your bank is SBI) or 1234567890@axis(if you're an Axis bank customer and so on.

3. UPI eliminates the need of knowing the recipient's name, their bank account number, and IFSC code (or bank branch).

4. UPI is built on top of the IMPS, which you may have usedto transfer money between bank account. Like IMPS, UPI is immediate, and works 24x7, through the year, unlike NEFT or RTGS services, which have specific working hours.

5. The UPI can also be used for shopping online - instead of entering your debit card number, expiry date, and CVV code, followed by waiting for the OTP, you'd just enter your UPI ID, and get an alert on your phone to verify the transaction.

6. Because it's using the phone to verify transactions, UPI is secure - someone else can't just enter your ID and spendyour money.

7. Anyone can also use the UPI to send a request for money, like an invoice. This means that anyone could become a merchant, and take payment for any goods or services from your account to their account.

8. According to AP Hota, MD and CEO NPCI, 29 banks havealready agreed to provide UPI services, and he expects thenumber to increase further this year.

9. "Our focus is in line with RBI's vision of migrating towards a 'less-cash' and more digital society," Hota added.

10. "UPI will make payment systems fully interoperable across all players without having silos and closed systems,by enabling one-click for two-factor authentication," said Vivek Belgavi, Leader Financial Services Technology PwC India.

Common 15 G forms and 15 H for all Banks

Since Oct 2015 as per IT department instructions every bank has to use common format released by IT in Oct 2015.

Now Banks have been allowed to collect or accept these tax exemptions forms in digital format which means Indian citizens are allowed to submit 15 G or 15 H online. So confirm with your bank if that facility have been started by them or not.

Please note NRIs are not allowed to submit 15 G or 15 H.

Download 15 G here - DOWNLOAD 

Download 15 H here - DOWNLOAD 

Please read these forms and check your eligibility before submitting these forms otherwise you can be jailed and fined for not paying taxes.

To check whether you can submit or not please follow one of our latest post on the same - CLICK

Pre 2005 Old Currency Notes can be exchange at RBI Offices

The Reserve Bank of India has observed that a major portion of the pre-2005 banknotes have been withdrawn from circulation and only a small percentage of these notes remains in circulation. On a review, therefore, the Reserve Bank has decided that from July 01, 2016 the facility of exchanging the pre-2005 banknotes will be available only at the following offices of the Reserve Bank of India:

Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram and Kochi.

The Reserve Bank of India had, in December 2015, set June 30, 2016 as the last date for public to exchange pre-2005 banknotes at the identified bank branches and Issue Offices of the Reserve Bank of India.

The Reserve Bank has also clarified that these pre-2005 banknotes will continue to remain legal tender.

The Reserve Bank of India has stated that it is a standard international practice not to have currency notes from multiple series remaining in circulation at the same time.

Soliciting cooperation from members of the public in withdrawing these banknotes from circulation, the Reserve Bank of India has urged them to exchange pre-2005 banknotes at the above mentioned offices of the Reserve Bank of India, as per their convenience. The Reserve Bank of India will continue to monitor and review the process so that the public is not inconvenienced in any manner.

PPF | SUKANYA SAMRIDDHI | TAX SAVING SCHMES | KISAN VIKAS PATRA RATE OF INTEREST

If you are not happy about fixed deposits rate currently offered by Banks, then you can save in following small saving schemes  offered by Government of India. 

Rates are further reduced w.e.f 1 APRIL 2016, including popular scheme such as 5 year senior citizen scheme from 9.3% to 8.6% and PPF public provident fund reduced from 8.7% to 8.1% to discourage people to save money in these tax saving instruments to ensure flow of money in the economy as these funds have 5 years lock in period.

Small Saving Scheme Rate of Interest

“Canara Vidya Jyothi” Scheme, to provide school scholarship to meritorious SC/ST girl students by CANARA BANK

Scholarship to meritorious SC/ST girl students in Government schools

“Canara Vidya Jyothi” scheme is introduced to provide scholarship to meritorious SC/ST girl students in Government schools of rural areas covered under command area of our rural, semi urban & urban branches. With the splendid success of the scheme for the past 3 years in serving the good cause of promoting education among girl students belonging to SC/ST families.

I.Objective of the Scheme:

To encourage education among girl children belonging to SC/ST communities by extending financial support.

Scheme Details:

A. Eligibility Criteria:

1.One Girl Student from each of the class from 5th Standard to 10th Standard

2.Students studying in Government/Government aided School within the command area of the Branch

3.Students from SC/ST family

4.Should be the highest scorer in the immediate preceding class Annual examination among SC/ST girl students in the class.

B. Amount of Assistance:

1.Rs 2500 per student of class 5TH to class 7TH

2.Rs 5000 per student of class 8TH to class 10TH

Time to Submit 15 G and 15 H for Fixed Deposits Customers in Banks

Financial Year is ending and time has started to file your returns but also take care to submit 15 G and 15 H to banks to avoid taxes on your fixed deposits in the month of April.

What is 15 G and 15 H

This is declaration that you are earning below tax exemption limit i.e. Rs. 2,50,000 in case of men and women below age of 60 years and that means you are noticing bank not to deduct tax on fixed deposits.

Following are the limits or rules regarding 15 H & 15 G

1. Below age of 60 years for both men and women - Submit 15 G who earns below Rs. 2,50,000

2. From 60 Upto 80 Years - Submit 15 H who earns Upto Rs. 3,00,000

3. 80 Years and above - Submit 15 H who earns upto Rs. 5,00,000


If you are earning beyond limits mentioned above please do not submit these tax exemption forms other wise you can be in serious trouble and may even face jail sentence depending upon rules of tax authorities which you have broken.