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Withdrawal of Legal Tender Character of existing ? 500/- and ? 1000/- Bank Notes – Revision in limits

RBI/2016-17/129
DCM (Plg) No.1272/10.27.00/2016-17

November 13, 2016

The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks

Dear Sir,

Withdrawal of Legal Tender Character of existing ? 500/- and ? 1000/- Bank Notes – Revision in limits

Please refer to our Circular No.DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject. On a review, certain modifications have been brought in the limits which are as under:

  1. The limit for exchange of Specified Bank Notes, over the counter has been increased from the existing ? 4000/- to ? 4500.

  2. The daily limit on withdrawal from ATMs has been increased from the existing ? 2000/- to ? 2500/- per day in the recalibrated ATMs, other ATMs will continue to dispense ? 50 and ? 100 bank notes until they are re-calibrated.

  3. The weekly limit of ? 20000/- for withdrawal from bank accounts has been increased to ? 24000 and the daily limit of ? 10000/- per day stands withdrawn.

2. The last date for submission of the annual life certificate for the government pensioners which is to be submitted in November every year has been extended upto January 15, 2017.

3. Banks are advised to make arrangements for separate queues for Senior citizens and Divyang (disabled) persons. Similarly, separate queues should also be arranged for those who come to exchange SBN for cash and those who come to deposit into bank accounts.

4. Banks are advised to increase the Business Correspondents’ limit of dispensing cash to ? 2500/- for withdrawal from bank accounts.

5. The above modifications take immediate effect.

6. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager


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