How can we deposit Cash in RBI (After Dec 31st due to demonetization)
On Tuesday, 8th November 2016 when the entire world including India was waiting for the biggest news of the world, the US Presidential election results, PM Modi had some other plans for the civilians. The hullaballoo started when the Prime Minister declared that the 500 and 1000 notes will not be valid after 12 in the night on the same day. People with bags full of black money as well as people hands full of white money got into big trouble what to do what not to.
The government has made a 50 days’ time span within this time frame one can easily deposit the banned notes and also can exchange them from their nearest bank branches. But this is not it, if the person fails to exchange / deposit the banned cash by the time frame announced by the government and RBI, the person can visit the RBI branch to deposit the cash as well after 31st December 2016.
Depositing banned notes
By now people will understand and know how to deposit the cash in commercial banks. The deposit process is as same as before. The changes made in withdrawing and exchange of notes. One cannot withdraw more than Rs. 10, 000/- per day. Also that same person can only withdraw cash twice in a week not more than Rs. 20, 000/-.
In case of exchange the maximum amount is Rs. 4000/- per day over the counter in any banks. If you want more than Rs. 4500/- then you must visit the banks again the next day to exchange the banned notes.
How to deposit Cash in RBI after 31st December
This process will be valid till December 30th that is till the 50 days’ span is over. After that if anyone wants to exchange their cash then the person needs to visit Reserve Bank of India. The process of exchanging and depositing cash in RBI is similar to the commercial banks. However there is a declaration form that one must submit at the time of exchange.
- Step 1: visit the RBI bank with the banned notes you have. The limit is as of now set as Rs. 4000/- per day.
- Step 2: bring your photo ID proof. Aadhaar will be preferred, if you don’t have Aadhaar Card then bring PAN Card / Voter ID Card / Driving Licence or any other photo ID proof.
- Step 3: submit a declaration form that contains name of the depositor, ID proof, ID number, bank details like account number, branch name, the reason for depositing the money, the denomination numbers, total money deposited and such.
- Step 4: submit the declaration form along with necessary documents and deposit the cash to the RBI. The money will be credited to your account only after the verification / clearing.
Exchange / Depositing banned cash– quick review
|Number of days for depositing||50 Days|
|Last date to exchange/deposit money to banks||30th December 2016|
|Last date of exchange/deposit money to RBI||31st March 2017|
|Highest amount to be exchanged per day||Rs. 4000/-|
|Highest amount to be withdrawn in a day per person||RS. 10, 000/-|
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