Instructions on changes in the limits of exchange of WOS Notes & limit of transaction amount

From: Director (CBS)

Sent: 17 November 2016 19:27

To: All CPMG; CPMG Telangana Circle; All PMG; rajhans.ops@gov.in

Cc: DDG (Financial Services); Member (Banking & HRD); ADG (CBS); All Postal Divisions

Subject: Instructions on changes in the limits of exchange of WOS Notes & limit of transaction amount

Respected Sir/Madam,

With reference to the above subject, the latest RBI instructions are reproduced below:-

Changes in the limits for exchange of WOS Notes:-

 

At present, over the counter exchange of old Rs. 500/- and Rs. 1000/- notes is limited up to maximum of Rs. 4500/- per person. Reports have been received that the same persons are going back to the counter again and again, thereby cornering the facility and depriving many other people from exchanging old notes. There are also reports of organized groups indulging in such practices to convert their black money into white. It is now expected and desirable that people put their old notes into their accounts. However, for convenience of the people who may be on temporary visit either for work or otherwise, it has been decided to reduce this limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in post offices from Rs. 4500/- to Rs. 2000/-. This facility will be available only once per person. The reduced limit of Rs. 2000/- will take effect from 18th November, 2016.

Necessary instructions may be issued to all concerned accordingly.

 With regards,

Sachin Kishore
Director (CBS)
Sansad Marg,
Dak Bhavan