Wednesday, November 9, 2016

How to help home bound people deposit 500 and 1000 currency notes?

The Government of India, on the 8th of November 2016, decided to cancel the legal tender of high denomination indian currency notes of 500 and 1000 ruppees denomination with immediate effect.

Banks are to be shut for public interactions for a day and ATMs are going to be shut for 2 days till the midnight of 10th of November.

Know someone who cannot reach the bank and deposit cash on their own? Follow the steps given in the image below to do it for them, on their behalf -





Take a letter of authorisation from the person who wants to deposit the money. Take your ID Proof copy. Deposit old 500 and 1000 notes at the bank with the above 2 documents.  Till 18 Nov, withdraw cash 2K via ATM per card per day, or 10K per transaction via bank cashier counter.


Source of these points is the press release issued by the Department of Economic Affairs, Ministry of Finance, Government of India