Frequently Asked Questions on Withdrawal of Rs. 500 and Rs. 1000 Bank Notes

Why was the scheme introduced?


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 anti-national 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 was introduced.

What is this scheme?


The legal tender character of the bank notes in denominations of ₹ 500 and ₹ 1000 issued by the Reserve Bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. The Specified Bank Notes (SBNs) were allowed to be exchanged for value at RBI Offices till December 30, 2016 and till November 25, 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 November 10, 2016 to December 30, 2016.

The facility for exchange / deposit of SBNs stands closed with effect from December 31, 2016.

What are the specifications of the new ₹2,000 and ₹500 denomination banknotes?


₹2,000 denomination banknotes specification

 

The Reserve Bank of India has issued ₹2,000 denomination banknotes in the Mahatma Gandhi (New) Series, with the inset letter ‘R’, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The new denomination has Motif of Mangalayan on the reverse, depicting the country’s first venture into the interplanetary space. The base colour of the note is magenta. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

 

(Source: RBI press release dated Nov 08, 2016)

 

 

 

The salient features of the banknotes will be as under:

 

Obverse (Front)Obverse (Front)Reverse (Back)
1. See through register with denominational numeral 2000
2. Latent image with denominational numeral 2000
3. Denominational numeral २००० in Devnagari
4. Portrait of Mahatma Gandhi at the centre
5. Micro letters ‘RBI’ and ‘2000’ on the left side of the banknote
6. Windowed security thread with inscriptions‘भारत’, RBI and 2000 on banknotes with colour shift. Colour of the thread changes from green to blue when the note is tilted
7. Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right
8. Denominational numeral with Rupee Symbol, ₹2000 in colour changing ink (green to blue) on bottom right
9. Ashoka Pillar emblem on the right Mahatma Gandhi portrait and electrotype (2000) watermarks
10. Number panel with numerals growing from small to big on the top left side and bottom right side
For visually impaired
Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines and identity mark
11. Horizontal rectangle with ₹2000 in raised print on the right
12. Seven angular bleed lines on left and right side in raised print
13. Year of printing of the note on the left
14. Swachh Bharat logo with slogan
15. Language panel towards the centre
16. Motif of Mangalayan
17. Denominational numeral २००० in Devnagari
Dimension of the banknote will be 66 mm × 166 mm

 

₹ 500 denomination banknotes specification

 

The Reserve Bank of India will shortly issue ₹500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘E’ in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote.

 

(Source: RBI press release dated November 8, 2016)

 

 

 

The new ₹500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements; the principal features are –

  • The size is 66mm x 150mm
  • The colour is stone grey
  • Red Fort-an image of Indian heritage site with Indian flag on the reverse

The banknote also has features (intaglio printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines, circle with ₹500 in the right, and the identification mark) which enable the visually impaired person to identify the denomination.

How do I use the other electronic means of payment like Internet or Mobile Banking?


Internet Banking: Experience ICICI Bank Internet Banking by login using your User ID and Password provided at the time of account opening

 

You can do host of things anywhere, anytime like fund transfer, bill payment, recharge your mobile/data card/DTH and lots more.

 

Mobile Banking: Download iMobile, the Mobile Banking app from the Google Play-store from your Android device or App store from your iOS device. You can also SMS iMobile to 5676766 for download or Visit http://mobile.icicibank.com/dl http://mobile.icicibank.com/dl from your mobile browser.

 

Enjoy on the go banking services like fund transfer, bill payment, recharge your mobile, DTH, Data Card, rail ticket booking, movie ticket booking and lots more with iMobile.

 

Pockets: Download and activate Pockets by ICICI Bank app from the Google Play-store from your Android device or App store from your iOS device.

 

You can download the Pockets app and create your wallet instantly. Fund it instantly using any bank debit card or Internet Banking and it's ready for use. With Pockets Pay anyone, shop anywhere & bank with ease.

 

Click here to know more.

How to use a Credit or Debit Card for retail transactions?


  • Step 1: The merchant swipes or dips your card at a Point of Sale (POS) terminal
  • Step 2: The merchant enters the transaction amount on the POS terminal
  • Step 3: The POS machine will prompt for the Credit or Debit Card PIN to be entered by you. Please do not disclose your PIN to the merchant.
  • Step 4: Once you enter the correct PIN and sign the chargeslip, the transaction is confirmed and completed
  • Step 5: Ensure that the card is returned to you

What is the revised limit on Debit Card purchases?


To ensure customers can use their Debit card for high ticket purchases, new daily purchase limits on Debit Cards is as under:

 

Sr NoType of CardDaily purchase limit at retail outlets and on merchant websites
1 Silver Debit Card Rs. 2,00,000
2 Gold Debit Card Rs. 2,00,000
3 Titanium Debit Card Rs. 2,00,000
4 Platinum/World Rs. 2,00,000
5 Signature/Infinite Rs. 2,50,000
6 Business Gold/Titanium Rs. 2,00,000
7 Expression/Coral Business Rs. 2,50,000
8 Sapphiro Business Rs. 3,50,000
9 World Business Rs. 5,00,000

 

To increase or decrease limits, please call our Customer Care.

What are the withdrawal limits for Pradhan Mantri Jan-Dhan Yojana account holders?


A JDY account holder can avail the deposit facility till December 30, 2016 subject to the caps and other laid down limits in accord with norms and procedures.

 

With a view to protecting the innocent farmers and rural account holders of PMJDY from activities of money launderers and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after November 09, 2016. As a temporary measure, the banks have been advised that:

 

(1) Fully KYC compliant account holders may be allowed to withdraw ₹ 10,000 from their account, in a month. The branch managers may allow further withdrawals beyond ₹10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on the bank’s record.

 

(2) Limited or Non-KYC compliant account holders may be allowed to withdraw ₹ 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of ₹ 10,000.

What is the Specified Bank Notes (Cessation of Liabilities) Ordinance 2016?


The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 has been promulgated by the President of India (GoI Ordinance No. 10 of 2016 dated December 30, 2016) to provide for cessation of liabilities on the Specified Banknotes and for connected/incidental matters and comes into effect from December 31, 2016. In terms of this ordinance, with effect from December 31, 2016, the Specified Bank Notes shall cease to be the liabilities of the Reserve Bank of India and shall cease to have the guarantee of the Central Government. A grace period has been provided during which the Specified Bank Notes can be deposited at five RBI Offices (Mumbai, New Delhi, Chennai, Kolkata, and Nagpur) in accordance with this Ordinance by Indian citizens who make a declaration that they were outside India between November 9 and December 30, 2016, subject to conditions or any class of persons for reasons that may be specified by notification by the Central Government. The Reserve Bank, if satisfied after making the necessary verifications, that the reasons for failure to deposit the notes till December 30, 2016 are genuine, will credit the value of notes in the KYC (Know Your Customer) compliant bank account of the tenderer.

 

Holding the specified banknotes (SBNs) for the purpose of deposit by Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 is permissible during grace period. With effect from January 2, 2017 Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017. While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations. In terms of Section 6 of the Ordinance, whoever knowingly or wilfully makes any false declaration shall be punishable with a fine which may extend to 50,000 INR or five times the amount of the face value of the SBNs tendered whichever is higher. Any person aggrieved by the refusal of the Reserve Bank to credit the value of notes as mentioned above may make a representation to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him/her.

 

In terms of Section 5 of the Ordinance, from December 31, 2016 no person shall knowingly or voluntarily hold, transfer or receive any specified banknotes. After the expiry of grace period, holding of not more than 10 notes in total, irrespective of denomination or not more than 25 notes for the purpose of study/ research/ numismatics is permitted. In terms of Section 7, contravention of Section 5 shall be punishable with fine which may extend upto 10,000 INR or five times the face value of the SBNs involved in the contravention, whichever is higher.

 

In case the contravention/default in terms of Sections 6 and 7 is by a company, every person who was in charge of and responsible to the company at the time of contravention/ default shall deemed to be guilty and will be liable to be proceeded against and punished. If the offence is proved to be attributable to the conduct by any director/manager/secretary/officer/employee of the company, such person shall also be deemed to be guilty of the offence and will be liable to be proceeded against and punished accordingly.

How can NRIs and the Indian citizens who were abroad exchange the SBNs?


In terms of Paragraph 4.1 of the GoI Ordinance No. 10 of 2016 dated December 31, 2016 on “The Specified Bank Notes (Cessation of Liabilities), a facility for exchange of SBNs is made available for the resident and non-resident citizens who could not avail the facility from November 10 to December 30, 2016 on account of their absence from India during the aforementioned period.

 

The facility will remain open for residents from January 2, 2017 to March 31, 2017 and for NRIs from January 2, 2017 to June 30, 2017 at five Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. The facility can be availed only in individual capacity 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. The details of the facility including terms/ conditions and modalities thereof are available in our circular DCM (Plg) No 2170/10.27.00/2016-17 dated December 31, 2016.

Is the facility for exchange of SBNs by NRIs available outside India?


No. For NRIs the facility is available from January 2, 2017 to June 30, 2017 at five Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. The limit of exchange for NRIs will be as per the relevant FEMA Regulations.

Is the facility available to Overseas Citizens of India (OCI)/Persons of Indian Origin (PIO)?


No, the facility is not available to OCIs/PIOs.

Is the facility available to resident Indians?


No, the facility is not available to all resident Indians, but only to those who were not in India during the period November 9, 2016 to December 30, 2016.

Can I withdraw from an ATM?


Yes you can withdraw from ATM up to ₹10,000 per day.

Does the limit of ₹24,000 withdrawal apply to withdrawals from bank account of one bank from another bank?


These limits are not applicable to cash withdrawal from a bank account by one bank from another bank, Post Office, Money Changers operating at International airports and operators of White Label ATMs. The branches maintaining Currency Chests have been advised to accommodate the requests from other branches in their vicinity – linked or otherwise – for supply of cash.

Can I withdraw cash against cheque?


Yes, you can withdraw cash against withdrawal slip or cheque subject to a weekly limit of ₹ 24000 (including withdrawals from ATMs and over the counter) from the bank accounts.

Business entities having Current Accounts which are operational for last three months or more will be allowed to draw ₹ 50,000 per week. This can be done in a single transaction or multiple transactions. This facility has been extended to Overdraft and Cash Credit accounts and traders registered with the Agricultural Produce Market Committee (APMC) markets or mandis. Accordingly, holders of current/overdraft/cash credit accounts, which are operational for the last three months or more, may withdraw upto ₹ 50,000 in cash, in a week. Such withdrawals may be disbursed predominantly in ₹ 2,000 denomination bank notes. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. Farmers are allowed to draw upto ₹ 25,000 per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms.

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. In order to meet the transactional needs of the public through digital means, additional measures have been introduced by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs).

What is being done for the farmers?


Farmers are allowed to draw upto ₹ 25,000 per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms.

Towards ensuring unhindered farming operations during the Rabi crop season, NABARD would be utilizing its own cash credit limits up to about ₹ 23,000 crore to enable the DCCBs to disburse the required crop loans to PACS and farmers. Banks with currency chests have been advised to ensure adequate cash supply to the DCCBs and RRBs. Adequate cash supply should also be ensured for rural branches of all commercial (including RRBs). Bank branches located in APMCs may also be given adequate cash to facilitate smooth procurement.

What is a valid proof of identity?


Valid Identity proof is any of the following: Aadhaar Card, Driving Licence, Voter ID Card, Passport, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its staff.

Where can I get more information on this scheme?


Further information is available at RBI website

 

www.rbi.org.in and GoI website www.rbi.org.in

If I have a problem, whom should I approach?


In case of any requirement, please visit the nearest branch or call our Customer Care.

I have forgotten Debit Card /ATM PIN, is there any way to generate Debit Card PIN instantly?


Debit Card PIN can be generated instantly by any of the following channels:

  • Customer Care
  • Internet Banking
  • iMobile app
  • ICICI Bank ATMs

For Current Account & NRI customers, please contact Customer Care for generating ATM PIN.

How do I activate the debit card for online or point of sale transactions?


To activate, use your card for PIN based transaction at any of the following:

  • Any Bank ATM
  • Merchant outlets
  • Online Merchants

For online merchants, system will prompt for 3D Secure PIN generation for first time usage.

Is it possible to change transaction limits on my Debit Card?


Yes, these limits can be increased or decreased by calling our Customer Care.