Customers required to fill easy form for note exchange: Finance Ministry

NEW DELHI: Customers seeking replacement of invalid notes of Rs 500 and Rs 1,000 will have to provide information in a prescribed easy-to-use format to banks, a senior finance ministry official said.

"A format (has been provided) which enables banks to capture information about high-denomination notes which are being provided and also what is the requirement which will suffice for purposes of identification," Financial Services Secretary Anjuly Chib Duggal said.

She further said it is all being put that is easy to read and very easy to operate so that each customer is taken care of in a very short span of time.

Allaying fears of likely shortage of currency notes, she said there is appropriate arrangement for new currencies.

"Availability of cash... that is something which has been taken care of. So, the ATMs have to be refilled again and again," she said.

RBI has asked all cash logistics companies to replace high denomination notes and fill it with valid notes including Rs 100 so that ATMs are functional from November 11.

"We have received clear guidelines from RBI. Eight thousand eight hundred cash vans and all employees would be working round the clock so that customers are not put to inconvenience," said Rituraj Sinha, President, Cash Logistic Association and Co-chairman of Ficci Private Security Sector Committee.

Duggal said banks have nominated people as nodal officer to help people access banks.

"We will be working with RBI if any refinement is required," she said.

In a surprise move, Prime Minister Narendra Modi last night announced demonetisation of Rs 1,000 and Rs 500 notes with effect from Wednesday to fight the menace of black money, fake currency, corruption and terror financing.

Customers can deposit their old Rs 500 and Rs 1,000 notes in their bank accounts tomorrow and also exchange them with lower denomination or the new Rs 500 and Rs 2,000 notes but with a limit of Rs 10,000 per day or Rs 20,000 a week.

Besides, depositing money in bank accounts, the Rs 500 and Rs 1,000 notes can also be exchanged with lower value currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4,000.