Prime Minister Narendra Modi on Tuesday shook the nation with his announcement of demonetising high value currency notes. Soon after all Rs 500 and Rs 1000 notes in circulation were “just paper with no value”, people across the country started queuing outside ATMs in panic. Even as the PM asked people to not panic, minutes after the announcement that notes were effectively invalid from midnight, people thronged their nearest ATMs.
With an announcement that banks will be equipped to exchange people’s money by Friday, the government on Wednesday released the form that will be used to exchange the old notes of Rs 500 and Rs 1000 denomination. The ‘request slip’ will need you to produce a valid government-issued identity card, the name of your bank and branch.
Finance Secretary Ashok Lavasa also tweeted out an infographic explaining where to exchange currency notes. Anyone with a valid bank account or a post office savings account can deposit unlimited amounts of cash before December 30. After that, till March 31, RBI specified offices will accept cash with a valid ID proof, PAN card and declaration form.
— ashok lavasa (@AshokLavasa) November 9, 2016
There are no restrictions on card payment, cheque, demand draft, electronic funds transfer. However, there is a limit on daily and weekly withdrawals. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
Earlier, the prime minister in his nationwide televised address also mentioned specific details about what to do with the currency notes. PM expressed confidence that political, other sections and media will help make the new measures successful