Demonetisation: The Story So Far
January 2, 2017 . 461 views
The story of your new 500 & 2000 INR notes so far…
Central bank warns against fake notes on its website
Directs all banks to tighten CCTV surveillance & ensure cash receipts Rs 100 and above notes are not re-circulated without authenticated through the machine process.
Banks directed to dispense more Rs 100 notes through ATMs in the next fortnight.
PM Narendra Modi declares that Rs 500 and Rs 1,000 notes will be invalid from that midnight.
RBI announces old note exchange limit of Rs 4000
Withdrawal limit at ATMs capped at Rs 2000
Overall withdrawal cap at Rs 20,000 per week.
Fuel stations, government hospitals, chemists directed to accept old notes on transactions
All notes to be deposited by December 30
RBI raises currency exchange limit to Rs 4,500
ATM withdrawal limits are raised to Rs 2,500
RBI directs banks to apply indelible ink mark on fingers of people exchanging old notes to prevent default
RBI makes it compulsory to produce PAN Card on cash deposits of over Rs 2.5 lakh.
Farmers extended relief of withdrawal limit up to Rs 25,000 a week against crop loans.
Currency exchange limit lowered to Rs2,000 because of severe currency shortage at banks.
Withdrawal of up to Rs2.5 lakh allowed from bank accounts in case of a wedding
Also, you could only exchange once now!
Cash withdrawals allowed at petrol pumps by swiping card – up to Rs 2,000 per day
To push more digital payments RBI allows prepaid wallet balance up to Rs 20,000 until December 30
No more exchanging money – only deposits!
Old Rs 500 notes could still buy you petrol and airline tickets till December 15th.
Only foreigners allowed to exchange notes up to Rs 5,000 per week
Withdrawal from Jan Dhan Account limited to Rs 10,000
Rule revision!!! Old Rs 500 notes would buy fuel and air tickets only till December 2nd instead of 15th
Old Rs 500 notes could now rescue you with rail, metro and bus tickets too until December 10th
RBI advises banks to keep recordings of the CCTV camera footage
RBI limits deposit amount of old notes into the bank at Rs 5000 – only once. Till December 30th!
Last circular recalled; not put into effect
Some reason to rejoice! Cash withdrawal limit from January 1 hiked to Rs 4500 per day per card. Weekly limit still remains Rs 24,000!
Not exchanged notes yet? Deposit it into your account – only if:
1. you were travelling between November 8 & December 30
2.you are an NRI
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