Going for Cash Deposit / Cash Exchange in Bank OR for ATM Withdrawal – Things to take care

With the decision came on November 8th, 2016, which shook the whole nation of demonetizing high-value currency notes of Rs. 500 and Rs. 1000 in circulation. And, after the announcement, The Bank on Wednesday got closed for a day to become ready for the future situation.

On Thursday, the bank got opened, and heavy rushes have been seen outside the banks with the people looking for both exchanging and depositing the money. From Friday, the ATM also becomes Functional to operate which would help to fight with this cash crunch crisis.

But we have seen that, people going bank to deposit or exchanging the money are bit confused about what documents they should bring with them and What amount can be withdrawn from ATM/Bank, so for this let us answer some of the general questions one by one:

• What amount can be exchanged by One Person?

In One day, one person can exchange up to Rs. 4000 old notes at a time by signing a request slip issued by RBI available in the bank.

Practically, people are exchanging more than Rs. 4000 in a day by visiting more than one branch, as this limit applies to one branch only.

• What documents should be shown in Bank for Exchange / Deposit?

ANYONE to be shown at the counter Aadhar Card, Driving License, Voter ID, Passport, NREGA Card, PAN Card, ID Card Issued by Government Dept., PSU’s

• What is the Limit to Deposit Cash in the account?

You can deposit cash of any amount in your saving’s or current account, but make sure you should be accountable for that.

If you are depositing more than Rs. 2.5 lakh in your account, then keep in your mind that you should be accountable for that.

• Cash-In-Hand in Books of an amount, what amount can be deposited?

Let’s Say, On 8th November 2016, a person has Rs. 10 lakhs as Cash-in-hand in his books of accounts, then he should need to deposit that whole amount in the bank in one shot only.

If the part deposition is made, then there are chances that IT officer will call that person for assessment and scrutinise his return.

• What maximum amount can be withdrawn from Bank ATM’s in a day?

As of now, Bank’s ATM will dispense Rs. 2000 maximum per card in a day and after 19th November the limit will increase to Rs. 4000 per card in a day.

• Is there any limit is imposed on online transactions?

No, right now no limit is imposed on online transactions, people can do any amount of transactions as they are doing earlier.

Conclusion

Although this move of Government is creating lots of confusion and difficulty in the daily life of a common man, the step is everywhere appreciated, and most of the common man is ready to compromise to get a shiner and corruption free India.

In case you have any doubt or query, you can post it in our CONTACT FORM.