RBI 2016 17 112 The Chairman Managing Director Chief

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2 Action to be taken on November 09 2016, i November 09 2016 Wednesday shall be a non business working day. for all banks However branches will function on that day to carry out. preparations for implementing the scheme as per this circular. ii The Specified Bank Notes stocked in ATMs Cash Deposit Machines. Cash Recyclers Coin Vending Machines any other cash. dispensing receiving machine CIT Companies and Business. Correspondents attached to the branch will have to be called back. forthwith The sponsor banks of White Label ATMs will be responsible for. recalling the Specified Bank Notes from the White Label ATMs. sponsored by them, iii Banks should take steps to stop issuing Specified Bank Notes through. their branches business correspondents from November 09 2016. iv All ATMs Cash Deposit Machines Cash Recyclers and any other. machine used for receipt and payment of cash shall be shut on. November 09 and 10 2016, v All ATMs and cash dispensing machines will have to be re configured to. disburse bank notes of 100 and 50 denominations prior to. reactivation of the machines on November 11 2016 however banks. should await separate instructions from Reserve Bank of India on issuing. Mahatma Gandhi New series Notes through ATMs and cash dispensing. machines though they can be issued over the counters from November. vi Every banking company defined under the Banking Regulation Act 1949. and every Treasury shall complete and forward a return in the format. specified in Annex 1 showing the details of the Specified Bank Notes. held by it at the close of business as on November 08 2016 not later. than 13 00 hrs on November 10 2016 to the concerned Regional Office. of Reserve Bank of India under whose jurisdiction the Head office of the. bank is located The return should also include details of Specified Bank. Notes recalled from ATMs Cash Deposit Machines Cash Recyclers. Coin Vending Machines CIT Companies Business Correspondents etc. vii Arrangement should be made by the branches to promptly deposit these. Specified Bank Notes with the linked currency chest RBI and get the. amount credited to their account, viii Branches should estimate their cash requirement and obtain from the. linked nearby currency chest RBI Bank Notes of other valid. denominations, ix Cash Deposits machines Cash Recyclers should continue to accept.
Specified Bank Notes upto December 30 2016, x Information Material for educating the public regarding withdrawal of. Legal Tender character of the Specified Bank Notes as per Annex 2. and salient features of the Mahatma Gandhi New Series Bank Notes. Annex 3 are required to be printed copied in adequate quantity and. distributed to the public displayed in the banking hall ATM kiosks. xi Banks should identify the staff for managing the exchange counters and. brief them properly about the scheme and the procedure to be followed. A copy of the FAQs provided in Annex 4 may be supplied to the staff. manning the exchange counters, xii Banks should provide adequate number of note counting machines UV. Lamps note sorting machines etc at their counters to take care of the. work load and timely detection of counterfeit notes As already advised. vide our circular No DCM FNVD No 1134 16 01 05 2016 17 dated. October 27 2016 the banking hall public areas and counters should be. under CCTV surveillance and recording should be preserved. 3 Action to be taken on November 10 2016, a Bank branches will commence normal operations on November 10 2016. b Banks have to accord top priority to provide facility for exchanging. accepting deposits of Specified Bank Notes and open additional counters. to meet the public demand and keep the counters open for extended. hours if necessary Maximum staff should be deployed for this purpose. If necessary banks may consider hiring retired employees for a. temporary period to take care of additional work load. c Provision of Exchange Facility, The specified bank notes held by a person other than a banking company. referred to in sub paragraph 1 of paragraph 1 or Government Treasury may be. exchanged at any Issue Office of the Reserve Bank or any branch of public. sector banks private sector banks foreign banks Regional Rural Banks Urban. Cooperative Banks and State Cooperative Banks for a period up to and. including the December 30 2016 subject to the following conditions namely. i the specified bank notes of aggregate value of 4 000 or below may be. exchanged for any denomination of bank notes having legal tender character. with a requisition slip in the format specified by the Reserve Bank and proof of. identity the limit of 4 000 for exchanging specified bank notes shall be. reviewed after fifteen days from the date of commencement of this notification. and appropriate orders may be issued where necessary. ii there shall not be any limit on the quantity or value of the specified bank. notes to be credited to the account maintained with the bank by a person where. the specified bank notes are tendered however where compliance with extant. Know Your Customer KYC norms is not complete in an account the maximum. value of specified bank notes as may be deposited shall be 50 000. iii The equivalent value of specified bank notes tendered may be credited to an. account maintained by the tenderer at any bank in accordance with standard. banking procedure and on production of valid proof of Identity. iv the equivalent value of specified bank notes tendered may be credited to a. third party account provided specific authorisation therefor accorded by the. third party is presented to the bank following standard banking procedure and. on production of valid proof of identity of the person actually tendering as. indicated in Annex 5, v cash withdrawal from a bank account over the counter shall be restricted to.
10 000 per day subject to an overall limit of 20 000 a week from the date of. the notification until the end of business hours on November 24 2016 after. which these limits shall be reviewed, vi there shall be no restriction on the use of any non cash method of operating. the account of a person including cheques demand drafts credit or debit cards. mobile wallets and electronic fund transfer mechanisms or the like. vii withdrawal from Automatic Teller Machines hereinafter referred to as. ATMs shall be restricted to 2 000 per day per card up to November 18 2016. and the limit shall be raised to 4 000 per day per card from November 19. viii any person who is unable to exchange or deposit the specified bank notes. in their bank accounts on or before the December 30 2016 shall be given an. opportunity to do so at specified offices of the Reserve Bank or such other. facility until a later date as may be specified by it. ix Business Correspondents BCs may also be allowed to exchange Specified. Bank Notes upto 4000 per person as in the case of bank branches against. valid identity proof and requisition slip For this purpose banks may at their. discretion enhance the cash holding limits of BCs at least till December 30. x While crediting the value of Specified Bank Notes to Jan Dhan Yojna. Accounts the usual limits will apply mutatis mutandis. 4 Reporting Mechanism, Each bank branch exchanging Bank Notes in the denominations of 500. and 1 000 shall report at the close of business on each day starting from. November 10 2016 till the closure of the scheme on December 30 2016 or. till any other date thereafter as may be advised by RBI by email or Fax to. their Controlling Office a statement as per Annex 6 showing the details of. Specified Bank Notes exchanged by it and the respective Controlling Offices. will aggregate these as per Annex 6A and report to the Department of. Currency Management RBI Central Office by email on a daily basis. 5 Banks may issue detailed instructions to their branches advising them to. strictly adhere to the norms of the scheme and procedures laid down above. The staff at the branch level particularly the tellers should be adequately. sensitized For this purpose information as available at our website. www rbi org in and Government of India website may be used Staff. should familiarise themselves with the FAQs as per Annex 4. 6 Banks should make copies of information material As available at Annex 2. Annex 3 and Annex 4 and distribute these to the public. 7 Bank should issue instructions to BCs ATM Switch Operators and CIT. Companies on various aspects of the above scheme relevant to them. 8 Banks should monitor the implementation of the scheme on a day to day. basis through a monitoring cell headed by an Officer not below the rank of a. General Manager who will act as a Nodal Officer The Contact details of the. Nodal officer will be reported to the concerned Regional Office of RBI with a. copy to RBI Central Office Mumbai through email as indicated below. 9 RBI has opened a Control Room at its Central Office for monitoring the. progress and providing guidance to banks and members of public The email. id and telephone numbers of the Control room are as under. Telephone No 022 22602804 022 22602944,10 Please acknowledge receipt. Yours faithfully,P Vijaya Kumar,Chief General Manager. Encl as above, Statement to be submitted by bank branches to their Controlling Office by.
13 00 hrs on November 09 2016, Details of withdrawn banknotes in the denominations of 500 and 1000. held in the custody of the branch including those in ATMs cash recyclers Cash. dispensing machines Coin Vending Machines and any other machine. accepting or disbursing cash attached to it as at the midnight of November 08. Name of the Bank,Name of the Branch IFSC Code,Denomination Number of Pieces Total value. Name ad Designation of the Branch In charge,Signature of the Branch In charge. Withdrawal of Legal Tender Character from existing series of. Bank Notes in the denominations of 500 and 1000,Salient features of the scheme. 1 In terms of Gazette Notification No 2652 dated November 08 2016 issued. by Government of India existing series of banknotes in the denominations of. 500 and 1000 issued by the Reserve Bank of India upto November 08. 2016 hereinafter referred to as Specified Bank Notes SBN shall cease to. be legal tender in payment or on account at any place with effect from the. November 09 2016, 2 SBN held by a person other than a bank or Government Treasury may be.
exchanged at the 19 Issue Offices of the Reserve Bank of India and all. branches of public sector banks private sector banks foreign banks. Regional Rural Banks Urban Cooperative Banks and State Cooperative. banks only upto and including December 30 2016 on tender of the SBN. subject to the following conditions, a SBN of aggregate value upto 4000 only held by a person can be. exchanged by him her at any bank branch or Issue Office of Reserve. Bank of India for any other denomination of Banknotes provided a. Requisition Slip as per format prescribed in Annex 5 is presented with. proof of identity as indicated in Annex 5 along with the High. Denomination Banknotes, b Where the aggregate value of the SBN tendered exceeds 4000 the. equivalent value will be credited to the account of the tenderer. maintained with the bank where the High Denomination Banknotes are. tendered The limit of 4000 for exchanging SBN at bank branches or. at Issue Offices of Reserve Bank of India will be reviewed after 15 days. c There will be not be any limit on the quantity or value of SBN to be. credited to the account of the tenderer maintained with the bank where. the SBN are tendered, d The equivalent value of the SBN tendered can be credited to an account. maintained by the tenderer at any bank in accordance with standard. banking procedure and on production of valid proof of Identity. e The equivalent value of the SBN tendered can be credited to a third party. account provided specific authorization therefor accorded by the said. account holder is presented to the bank following standard banking. procedure and on production of valid proof of Identity of the person. actually tendering, f In accounts where compliance with extant Know Your Customer KYC. norms is not complete a maximum value of 50 000 of SBN can be. g Cash Withdrawal from a bank account over the counter will be restricted. to 10 000 subject to an overall limit of 20 000 in a week for the first. h There will be no restriction on the use of any non cash method of. operating the account which will include cheques demand drafts. credit debit cards mobile wallets and electronic fund transfer. mechanisms, i Withdrawal from ATMs would be restricted to 2 000 per day per card.
up to November 18 2016 The limit will be raised to 4 000 per day per. card from November 19 2016 onwards All ATMs will dispense 100. and or 50 denomination Banknotes only until further instructions from. j For those who are unable to exchange their SBN on or before December. 30 2016 an opportunity will be given to them to do so at specified offices. of the RBI until a later date along with necessary documentation as may. be specified by the Reserve Bank of India,Features of Mahatma Gandhi New Series Bank Notes. Salient features of 2000 Bank Note,Salient Features of New 500 notes. For Updated FAQs please refer to FAQ section on Banks website. https www rbi org in Scripts FAQView aspx Id 119,FAQs on Withdrawal of Legal Tender Characte. Cash Recyclers Coin Vending Machines any other cash dispensing receiving machine CIT Companies and Business Correspondents attached to the branch will have to be

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