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Indian Government has scrapped Rs. 500 and Rs. 1000 currency notes, here are some FAQ related to Rs. 500 and Rs. 1000 curreny notes :
1. Why is this scheme (in place)?
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for anti-national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.
2. What is this scheme?
The legal tender character of the notes in denominations of Rs 500 and Rs 1,000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.
3. How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
4. Can I get all in cash?
No. You will get upto Rs 4,000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.
5. Why I cannot get the entire amount in cash when I have surrendered everything in cash?
The Scheme of withdrawal of old high denomination (OHD) notes does not provide for it, given its objectives.
6. Rs 4000 cash is insufficient for my need. What to do?
You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.
7. What if I don’t have any bank account?
You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.
8. What if, if I have only JDY account?
A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.
9. Where can I go to exchange the notes?
The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.
10. Need I go to my bank branch only?
For exchange upto Rs 4,000 in cash you may go to any bank branch with valid identity proof.
For exchange over Rs 4,000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.
In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.
11. Can I go to any branch of my bank?
Yes you can go to any branch of your bank.
12. Can I go to any branch of any other bank?
Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds Rs 4,000.
13. I have no account but my relative/friend has an account, can I get my notes exchanged into that account?
Yes, you can do that if the account holder relative/friend etc gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.
14. Should I go to bank personally or can I send the notes through my representative?
Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his/her valid identity proof while tendering the notes.
15. Can I withdraw from ATM?
It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs 2,000 per card per day upto 18 November, 2016. The limit will be raised to Rs 4,000 per day per card from 19 November, 2016 onwards.
16. Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs 10,000 in a day within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) for the first fortnight ie upto 24 November, 2016.
17. Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?
Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.
18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.
19. How much time do I have to exchange the notes?
The scheme closes on 30 December, 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30 December, 2016.
For those who are unable to exchange their Old High Denomination Banknotes on or before 30 December, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.
20. I am right now not in India, what should I do?
If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (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)
21. I am an NRI and hold NRO account, can the exchange value be deposited in my account?
Yes, you can deposit the OHD banknotes to your NRO account.
22. I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to Rs 5,000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.
23. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?
You can use the OHD notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.
24. 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.
25. Where can I get more information on this scheme?
Further information is available at our website (www.rbi.org.in)
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Reliance Jio: The champion of Digital India or Analog India?
I must admit that I was euphoric over the Reliance Jio launch today morning. Also, thanks to the media hype, I initially believed that it was a “revolutionary” service for data users like me who are glued to the internet all the time. But as the hours passed, reality began to sink in.
After some quick analysis, I have come to the conclusion that it is not for data users lke me who are constantly browsing the internet, but instead, it is actually for those who are constantly chattering on phone.
Let me take up some of the hyped up highlights & try to explain why it does not convince me to make a switch.
1) First & foremost, it is portrayed as the messiah for data users. All the news channels have been highlighting that the data charges on Reliance Jio is as low as Rs 50/GB. This is actually highly misleading because that low rate of Rs 50/GB would be applicable only when you buy the high end monthly pack of Rs 4,999 per month!! In that pack, you get around 75 GB which roughly translates to Rs 50/GB. But in a normal pack like Rs 499 per month, you get only 4 GB, which translates to around Rs 100/GB. And if you consider the Rs 19 pack which gives 100 MB, it translates to around Rs 190/GB.
2) In the entry level package of Rs 149 per month, although you get unlimited voice calls (which is highly appreciated), you get only 300 MB of data. So, it is definitely not for a data user like me, but for someone who hardly uses internet, and wants unlimited calling.
3) The Rs 19/day pack is marketed as a chota pack which can cater to casual users who want to browse internet on a need basis. But there is nothing revolutionary about it because it offers only 100 MB for Rs 19 & the validity is 1 day. Suppose I am on the Rs 149/month pack and I exhaust my 300 MB within few days and one fine day I want to book an Ola cab or watch a 1 min YouTube video, then I must shell out a minimum of Rs 19. (There is no pack smaller than that). But if I am on Airtel/Idea/Vodafone, I can go for their Rs 9 pack and get 35 MB. i.e Instead of spending Rs 19 on Reliance Jio to book an Ola cab, I can recharge Rs 9 on Airtel & get the work done. Also, it is to be noted that Airtel/Idea offer 100 MB of 4G data for Rs 24 which has a validity of 3 days, which I feel is much better than Jio’s 100 MB of 4G data for Rs 19 which has a validity of 1 day.
4) As explained above, the Rs 149/month pack makes no sense for data users because it gives only 300 MB. The next pack is the Rs 499/month pack which has 4 GB of data (along with the default unlimited calling feature). Since unlimited calling is available in both the Rs 149 pack as well as Rs 499 pack, then the only difference is that the 499 pack gives you additional 3.7 GB of data at an additional cost of Rs 350.
=> Rs 350 for 3.7 GB? Sorry, not convincing. Your own brother Anil Ambani has been offering 10 GB of data for less than Rs 400. Yes, I agree that while they are offering 3G, you are offering 4G, but at the end of the day, the total data remains the same.
5) Let me take up the next pack. Rs 999. I get 10 GB of data (along with the default unlimited calling feature).
Compared to the Rs 149 pack which already has unlimited calling feature, what I get in this pack is effectively 9.7 GB of data for Rs 850.
I am not impressed because if I spend a little extra, I can get unlimited 3G from BSNL. Yes, Unlimited 3G by BSNL for Rs 1099.
Check this:
http://timesofindia.indiatimes.com/tech/tech-news/BSNL-gives-unlimited-3G-plan-for-Rs-1099-doubles-data-limit-for-existing-plans/articleshow/53858131.cms
6) Now that I have seen how even the Rs 999 pack fails to impress me, due to much better offering from BSNL. Why should I pay Rs 999 to Reliance for 10 GB data, when BSNL is offering me unlimited data for
Rs 1099?
What is my conclusion finally?
For a data user, Reliance Jio is not impressive. If the usage is more than 1 GB per month, then the Rs 149 pack should not even be considered because it has only 300 MB. In the next pack, Jio offers 4 GB data for Rs 499 which is not revolutionary, but since it says night time is unlimited, I think it can be called “evolutionary”. But still that is not such a great incentive to switch.
In the next plan which costs Rs 999, it offers only 10 GB, whereas BSNL gives me unlimited data for almost the same price.
That’s about my personal requirements. Now let’s look at the overall benefit for the masses.
The only major advantage for the masses is the unlimited voice calling which can be availed for Rs 149 per month. In today’s scenario, most of the mobile users, especially among the working class, are actually prepaid users with free lifetime validity connections, upon which they regularly recharge Rs 20-30 which usually lasts for almost a month for them. For example, I personally know many taxi drivers, vegetable vendors, mechanics etc who hardly make outgoing calls. Even if they make an outgoing call, it would not last for more than a minute. Such people tend to use only Rs 30-50 talktime per month, for which only Rs 50 topup recharge is sufficient. (Such recharges have unlimited validity).
Now, if they must go for Jio just because the free voice calling is tempting, then it means they must shell out Rs 149, which lapses after 28 days (It has 28 days validity), after which they must again recharge Rs 149 and so on. For someone who is used to topup of Rs 20-30 per month (and that too on a need basis), such a mandatory cost of Rs 149/month sounds very expensive. That translates to around 14912 = Rs 1800 per annum, compared to their existing habit of regular topups which might come up to a total of just 2012 = Rs 240 per annum which is sufficient for their practical purposes.
That’s a whopping 6 times higher, just for unlimited voice calling, whether you really do unlimited calling or not.
So, as we can see, the only upside is unlimited voice, and not data. Even the unlimited voice for Rs 149 sounds high for the majority who are happy with their Rs 20-30 topup once in every 20-30 days.
Hence, it is difficult to categorize Reliance Jio as a revolutionary data service, but it can be a good voice service if one is into chattering regularly for 1 hour outgoing call every day.
Now that we have realized that the Jio plans are not revolutionary, can we atleast call it evolutionary? Not really. By claiming itself as a path for Digital India & provide internet to the masses, it might actually end up becoming popular only for its unlimited voice, and since voice services are considered “backward”, it is certainly not evolutionary.
This way, Jio, according to my analysis is chalking out the vision of “Analog India” (voice), but not “Digital India” (data).
Can You Judge?
Posted on: September 1, 2016
Can you judge a person from his/her habits?
As human, we always judge people by their habits, actions, political views, religions, beliefs, till the last day of our life.
Achieving neutrality is the most difficult task.
Take a look at this small video and let us understand about people and habits
