 "For Your Help: Demonetisation FAQs at the end of the week")
Prime Minister Narendra Modi had, on November 8, surprised citizens by announcing the demonetisation of 500- and 1,000-rupee notes, forcing people to wait long hours in seemingly unending queues before banks and post offices in order to exchange these currencies.
Since the rules of exchange, withdrawal and deposits have been changing regularly, Business Standard brings you updated answers to frequently asked questions.
Q. How much can I currently withdraw/exchange from a bank or ATM?
A. The withdrawal and exchange limit has been reduced to Rs 2,000 from Rs 4,500 for banks and Rs 2,000 from Rs 2,500 at ATMs.
Q. What is the limit for withdrawal of money from a current account?
A. If you have a a current account which is more than three months old, then you can withdraw up to Rs 50,000 a week. It is mainly for business organisations to settle wage issues.
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Q. I have a marriage in my home. How much money can I withdraw? Are there any other formalities to be done?
A. Families preparing for a wedding can withdraw up to Rs 2.50 lakh from a bank account giving PAN details and self-declaration. Either of the parents can withdraw this amount.
Q. I am a farmer. What is the change in norms for me to withdraw my money?
A. If you are a farmer, you can withdraw Rs 25,000 a week against your crop loan or from your Kisan Credit card. Those who have got payments through RTGS or cheque deposit in KYC-compliant bank accounts can withdraw an additional Rs 25,000 a week. This takes the total cash withdrawal limit for farmers from KYC-compliant bank accounts to Rs 50,000 per week.
Q. What about Central government employees?
A. Good news. If you are a central government employee up to C cadre, you can draw a salary advance of up to Rs 10,000 in cash; that will be adjusted against your November salary.
Q. Will I be inked if I exchange or withdraw money?
A. Yes. If you withdraw or exchange money at a bank you will be marked on the right hand index finger with indelible ink. However, this won't happen if you are at your parent bank branch.
Q. For how long will the exchange of currency go on?
A. As announced earlier, exchange and deposit of old currency will go till December 30.
Q. What is the upper limit of deposit?
A. There is no formal upper limit of deposit. However, if you deposit more than Rs 2.5 lakhs in an account, the I-T department may have a look at it. If the amount is coming form a legitimate source of then there is no need to worry. If the amount comes from illegal source, I-T department will fine you 200 per cent of the amount.