FAQ on Specified Bank Notes – Updated on 30th November 2016…
I have emergency needs of cash (hospitalisation, travel, lifesaving medicines) then what I should do?
Till the December 15, 2016, specified banknotes of only 500 denomination can be used as under: —
(a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor’s prescription;
(b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets;
(c) for purchases at consumer cooperative stores operated under authorisation of Central or State Governments and the customers shall provide their identity proof; However, the purchase from Consumer Cooperative Stores will be limited to Rs.5000 at a time;
(d) for purchase at milk booths operating under authorisation of the Central or State Governments;
(e) for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil and Gas Marketing Companies;
(f) for payments at crematoria and burial grounds;
(g) for making payments in all pharmacies on production of doctor’s prescription and proof of identity;
(h) for payments on purchases LPG gas cylinders;
(i) for making payments to catering services on board, during travel by rail;
(j) for making payments for purchasing tickets for travel by suburban and metro rail services;
(k) for making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.
(l) for making payments towards any fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies;
(m) for making payments towards utility charges for water and electricity only. -which shall be restricted to individuals or households for payment of only arrears or current charges. No advance payments shall be allowed
(n) for payments towards court fees
(o) for making payments towards purchase of seeds from the centres, units or outlets belonging to the Central or State Governments, Public Sector Undertakings, National or State Seeds Corporations, Central or State Agricultural Universities and the Indian Council of Agricultural Research, on production of proof of identity: Provided that for the purposes of this clause, specified bank notes shall mean bank notes of the denominational value of five hundred rupees
(p) Payment of School fees up to ₹ 2000 per student in Central Government, State Government, Municipality and local body schools;
(q) Payment of fees in Central or State Government colleges;
(r) Payments towards pre- paid mobile top-up to a limit of ₹ 500 per top-up
(s) Toll payment at these toll plazas of the Ministry of Road Transport and Highways may be made through old ₹ 500 notes from 3.12.2016 to 15.12.2016 (as they have continued the toll free arrangement up to 2.12.2016)
Can I use the Specified banknotes to settle outstanding in my loan account?
Deposits of Specified bank Notes into all types of deposit/loan accounts is allowed subject to CTR/STR reporting. Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN.
Can I deposit SBN to Small Savings Scheme?
Government of India has decided that subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Banks have been advised not to accept SBNs for deposits in Small Saving Schemes with immediate effect. However, deposits into Post Office Savings account are permitted
What is proof of identity?
Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
Where can I get more information on this scheme?