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Cash withdrawal and deposit rules as of 3 April

LiveMint logoLiveMint 03-04-2017 Livemint

New Delhi: The Reserve Bank of India’s deadline to exchange the old Rs500, Rs1,000 currency notes for Indians who were abroad between 10 November and 30 December 2016 ended on Friday (31 March 2017). The facility was available at RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur.

Now only non-resident Indians can deposit the old currency notes of Rs500, Rs1,000 subject to RBI limitations until 30 June. Since 8 November, the RBI has relaxed cash withdrawal and deposit rules imposed in the wake of the demonetisation drive.

Here’s a list of cash withdrawal and deposit rules as of 3 April:

■ Old Rs500, Rs1,000 currency notes: The facility for exchange of the scrapped old Rs500, Rs1,000 currency notes was available until 31 March for Indians who were abroad between 10 November and 30 December 2016.

It is still open to NRIs until 30 June at five Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

The facility can be availed only in individual capacity (exchange of Rs25,000 per individual) and only on one occasion during the period. No third party tender is permissible under the facility.

This facility will not be available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh as well as those not holding Indian passports or PIOs.

For all others, these scrapped currency notes were allowed to be exchanged for value at RBI Offices till 30 December 2016 and till 25 November 2016 at bank branches/Post Offices and deposited at any of the bank branches of commercial banks/Regional Rural Banks/Co-operative banks (only Urban Co-operative Banks and State Co-operative Banks) or at any Head Post Office or Sub-Post Office during the period from 10 November to 30 December 2016. The facility for exchange / deposit of old notes closed with effect from 31 December 2016.

Also read | New ITR forms to seek details on cash deposits during demonetisation

■ ATMs (Savings Bank Accounts): With effect from 1 February 2017 limits on cash withdrawals from ATMs have been removed. Banks may, at their discretion, have their own operating limits as was the case before 8 November 2016, subject to the overall cash withdrawal limit for an account.

■ Bank Branch (Savings Bank Accounts): Effective 13 March 2017, there will be no limits on cash withdrawals from Savings Bank accounts. Earlier, effective from 20 February 2017, the limits on cash withdrawals from the Savings Bank accounts were enhanced to Rs50, 000 per week (from the previous limit of Rs 24,000 per week).

■ Current/Cash Credit/Overdraft Accounts: No limits for cash withdrawal for current accounts/ cash credit accounts/ overdraft accounts with effect from 30 January 2017.

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