J&k Bank Advisory for Esteemed Customers regarding Deposit / Exchange of Rs 500 and Rs 1000 notes
500 and 1000 notes issued by RBI till 8th November 2016 have ceased to be legal tender from 9th November 2016 but can be accepted till 11th November at:
• Petrol Pumps and government hospitals
• Railway, Airline, Government bus ticket counters
• Consumer co-operative stores run by state or central government
• Milk booths authorized by state governments
• Crematoriums and burial grounds.
• Tourists can change the notes at Airports at exchange counters.
Here’s what you need to do with your 500 and 1000 rupee notes issued by RBI till 8th Nov, 2016:
• For J&K Bank account holders: Deposit the notes at any J&K Bank Branch / Extension Counter from 10th November to 30th December, 2016.
• For over the counter exchange, the limit is ? 4000 till 24thNovember 2016. Don’t forget to carry any one of the following as proof of identity (1.) Aadhaar Card (2.) Driving License (3.) Voter ID Card (4.) Passport (5.) MGNREGA Card (6.) PAN Card (7.) Identity Card issued by Govt Department, PSU to its staff.
• For people without accounts, he/she can open a bank account and deposit the notes, which can then be withdrawn as per allowed limits.
• There is no limit to deposit these notes in Bank account. Daily limit of Rs 4000 is only for exchange of notes.
• From 11th to 18th Nov, 2016, only Rs 2000 can be withdrawn per day through ATM machines, while as the daily limit after 18th Nov 2016 shall be Rs 4000.
• Up to Rs 10000 can be withdrawn in a day against withdrawal slip or cheque within an overall limit of Rs 20000 in a week (including withdrawals from ATMs) for the first fortnight i.e. till 24th November 2016. Thereafter the limits will be reviewed.
There is no change in any other form of monetary exchange cheque, DD, payment via credit or debit cards, ebanking, mobile banking and point of sale machines.
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