Home500-1000 notes banned
A reference is invited to the
circular DPSS.CO.PD.No.316/02.10.002/2014-2015 dated August 14, 2014 on
rationalisation of number of mandatory free ATM transactions for savings bank
account customers for transactions done at their own bank ATMs as well as at
ATMs of other banks. A reference is also drawn to Circular No.DCM (Plg)
No.1226/10.27.00/2016-17 dated November 08, 2016 on the withdrawal of legal
tender characteristics of existing Rs.500/- and Rs.1000/- Bank Notes (Specified
Bank Notes – SBN) and Circular RBI/2016-17/111
DPSS.CO.PD.No./02.10.002/2016-2017 dated November 8, 2016 on, inter alia, closure
of ATMs and waiver of charges on withdrawals from ATMs till December 30, 2016.
2. In this regard, it has been
decided that banks shall waive levy of ATM charges for all transactions
(inclusive of both financial and non-financial transactions) by savings bank
customers done at their own banks’ ATMs as well as at other banks’ ATMs,
irrespective of the number of transactions during the month.
3. This waiver is applicable on
transactions done at ATMs from November 10, 2016 till December 30, 2016, subject
to review.
4. The directive is issued under
Section 10(2) read with Section 18 of Payment and Settlement Systems Act 2007,
(Act 51 of 2007).
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Yours faithfully
(Nanda S Dave)
Chief General Manager
Withdrawal of Legal Tender Character
of Specified Bank Notes – Expanding the distribution locations for deposit and
withdrawal of cash
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