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Demonetisation- Latest rules on withdrawal and exchange of old notes

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latest-rules

Over the past few days, government has been changing the rules for withdrawal and exchange mostly every day.  In this post, I am trying to capture the latest rules:

Updated 23-Nov-2016

1) Now you can withdraw upto Rs 2000 from Big Bazaar stores –  From Nov 24, You can get Rs 2000 by using your debit / ATM card. The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country. Big Bazaar has tied up with State Bank of India and enabled mini ATMs across all 260 stores to help consumers withdraw cash while they shop.

Also Read:  How to convert black money into white money

How to use Paytm for making cashless payment to Kirana stores

1) You  can get upto Rs 2000 cash from selected petrol pumps:  Now you can swipe your debit card at selected petrol pumps and get cash upto Rs 2000. This facility is currenly available at 2500 petrol pumps that have SBI card swipe machines. Over next 2-3 days, this facility will be extended to 20000 pumps that have swipe machines from HDFC, ICICI & Citibank.  This will ease some pressure on ATM.  – See the list of petrol pumps that are giving cash.

2) Withdrawal limit from a ‘current account’ raised to Rs 50,000 per week : 

3) Weekly withdrawal limit from savings account increased to Rs 24,000:  The weekly limit of Rs 20,000 for withdrawal from savings account has been increased to Rs 24,000. The maximum limit of Rs 10,000 per day on such withdrawals has been waived, so you can now withdraw up to Rs 24000 in a single visit to the bank.

4)Per day ATM cash withdrawal limit raised to Rs 2,500 :  The government has raised the cash withdrawal limit from Rs 2,000 per card, per day to Rs 2,500 per card, per day. This higher cash withdrawal limit is available only at recalibrated ATMs which will dispense one high security Rs 2,000 note and rest in the lower denomination. ATMs which have not been upgraded will continue to dispense Rs 2,000 per card.

5) Cash deposits totalling Rs 2.5 lakh must carry PAN :  As per the latest government notification, till December 30, PAN card will be mandatory if combined cash deposits in an account exceed Rs 2.5 lakh. Previously, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision, but govt has issued clarification that PAN will be needed if total depsoit within this period is more than Rs 2.5 lakhs

6) Exchange of old notes now only up to Rs 2,000: Government has reduced counter exchange of old Rs 500, Rs 1,000 notes from Rs 4,500 to Rs 2000 starting from today.

7) Withdrawal limit of Rs 2,50,000 sanctioned for marriage purpose :  Government has allowed up to Rs 2.5 lakh cash withdrawal from KYC compliant bank account of a bride or groom or their parents for a marriage during the ongoing wedding season.

8) Farmers allowed to withdraw up to Rs 25,000 per week against crop loans  :  Government has allowed farmers to withdraw up to 25,000 rupees per week against their crop loans. Besides, it has also extedned the time limit to pay crop insurance premiums by 15 days.

9) Old notes Rs 500 and Rs 1,000 valid for key utilities, hospitals & petrol pumps till November 24 :  Government has extended the date of accepting old currency notes of Rs 500 and Rs 1000 for certain categories till November 24. This includes: payments towards fees, charges, hospital bills, petrol pumps, taxes and penalties payable to the central and state governments including municipal and local bodies. Old currency notes will also be accepted for making payment of utility charges for water and electricity

10) Advance salaries for central government employees up to Group C level for Rs 10,000:  Central government employees up to Group ‘C’ can draw salary advance up to Rs 10,000 in cash that’ll be adjusted against their November salaries.

If you are not able to get sufficient cash, you should consider using the mobile payment options via Paytm. Read more here about Paytm and how you can use it for making payment for general kirana store and daily needs. Read more details

Many people are trying different ways to convert their black money into white money. Read some of the techniques they are using, but income tax dept is watching them.

If you have any queries related to this article or any other personal finance query ( Investment, Taxation etc), please comment below

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About wealth18

The author is a Chartered Accountant and loves to write about Personal Finance, Wealth Management, Taxation etc. Disclaimer - The articles on this website is for informational and knowledge purposes and should not be treated as financial advice, Please consult your financial advisor before taking any investment decision.

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