Published On: Tue, Nov 22nd, 2016

6 things you wanted to know about withdrawal, exchange, old notes and deposits

New Delhi: Since the note ban was announced on November 8, many guidelines relating to withdrawal, exchange, deposit have been announced and changed. Here are 6 things you always wanted to know in this confusion.

1.       How much can you withdraw/deposit /exchange normally

•        Rs 2,000 from ATM
•        Rs 2,500 from recalibrated ATM
•        Rs 2000 from select ATMS
•        Can deposit as much as you want, above Rs 2.5 lakh you have to give PAN
•        Exchange old notes worth Rs 2000

2.      Rs 2.5 lakh special withdrawal for weddings
        This comes with strict conditions.
•        You can only withdraw from the closing balance you had on Nov 8
•        Such can only be paid to those who do not have accounts
•        You have to submit names of people who you will pay cash
•        Wedding has to be before Dec 30
•        You have to submit names  and ID proof of bride and groom 

3.        Special weekly withdrawal

•        Rs 50,000 per week if you have a current /overdraft/ cash credit  account
•        Rs 24.000 per week in case of savings account

4.        2 months extra to repay loans

•        If your loan repayment is due between November and Dec 31, you get 60 more days for repayment
•        Applicable for loans upto Rs 1 crore

5.        For Farmers
•         Farmers can buy seed  with old Rs 500 note 
•        Farmers will have to show IDs 
•        Seeds have to bought from state/Central  Govt bodies
•        Farmers can withdraw up to Rs 25,000/weekagainst their crop loans. 
•        Time limit to pay crop insurance premiums extended by 15 days. 

6.        Where can you use old notes

•        Buying  train/airlines/bus tickets
•        At petrol pumps
•        Paying electricity, water, bills etc and for paying all other public utility bills
•        Payments at Govt hospitals
•        For buying medicines, LPG cylinders
•        For payment at tolls
•        Court fees
•        At consumer cooperatives with ID proof