Conclusion of Press Release from G.O.I, Ministry of Finance. Dept of Economic Affairs

Important contents of press release GOI. Ministry of Finance..Dept of Economic Affaires..
1. Existing notes of ₹ 500/- & ₹ 1000/- cancelled from the expiry of 8th Nov, 2016.
2. New series Bank Notes of ₹ 500/- & ₹ 2000/-  will be introduced from 10th Nov., 2016.
3. Old High Denomination Notes may be deposited in Bank accounts till 30th December, 2016.
4. However if KYC compliance is not completed, maximum rupees fifty thousand only can be deposited in such accounts.
5. Old H.D. Bank Notes can also be exchanged at any Bank Branch / Post Offices for other denomination notes. But there is limit of ₹ 4000/- for such exchange & the format of requisition slip will be specified by RBI., WHICH IS TO BE PRESENTED WITH I.D. Limit of ₹ 4000/- to be reviewed after 15 days.
6. Over the counter cash withdrawal from a Bank account will be restricted to ₹ 10000/- at a time. Subject to overall limit of ₹ 20000/- in a week. These restrictions will be continue till 24th Nov, 2016.
7. ATM withdrawal restricted to ₹ 2000/- per day per card up to 18th Nov. And up to ₹ 4000/- thereafter, till the further review.
8. Bank to remain close on 9th Nov. 2016.
9. All ATM & CDM ( CASH DEPOSIT MACHINE) TO REMAIN SHUT ON 9TH & 10TH NOV, 2016.
10. Those who are unable to Deposit / Exchange their H. D. Bank Notes in Bank Accounts up to 30th Dec  they can exchange the said notes thereafter at specified RBI offices with necessary documentation as may be specified.

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