Banks working schedule on 09-10 November 2016 after withdrawal of of bank notes of Rs. 500 and Rs. 2000 by the Government

Banks working schedule on 09-10 November 2016 after withdrawal of of bank notes of Rs. 500 and Rs. 2000 by the Government.

As per RBI circular dated 08-11-2016 related to withdrawal of Legal Tender Character of existing Rs. 500/- and Rs. 1000/- Bank Notes, the following schedule has been prescribed.

Action to be taken by banks on November 09, 2016

(i) November 09, 2016 (Wednesday) shall be a non-business working day for all banks. However, branches will function on that day to carry out preparations for implementing the scheme as per this circular.

(ii) The Specified Bank Notes stocked in ATMs, Cash Deposit Machines, Cash Recyclers, Coin Vending Machines, any other cash dispensing/receiving machine, CIT Companies and Business Correspondents attached to the branch will have to be called back forthwith. The sponsor banks of White Label ATMs will be responsible for recalling the Specified Bank Notes from the White Label ATMs sponsored by them.

(iii) Banks should take steps to stop issuing Specified Bank Notes through their branches, business correspondents from November 9, 2016.

(iv) All ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash shall be shut on 9th and 10th November, 2016.

(v) All ATMs and cash dispensing machines will have to be re-configured to disburse bank notes of Rs.100/- and Rs. 50/- denominations prior to reactivation of the machines on 11th November, 2016; however banks should await separate instructions from Reserve Bank of India on issuing Mahatma Gandhi (New) series Notes through ATMs and cash dispensing machines though they can be issued over the counters from Nov 9, 2016.

(vi) Every banking company defined under the Banking Regulation Act, 1949 and every Treasury shall complete and forward a return in the format specified in Annex-1 showing the details of the Specified Bank Notes held by it at the close of business as on 8th November 2016, not later than 13:00 hrs on November 10, 2016 to the concerned Regional Office of Reserve Bank of India under whose jurisdiction the Head office of the bank is located. The return should also include details of Specified Bank Notes recalled from ATMs, Cash Deposit Machines, Cash Recyclers, Coin Vending Machines, CIT Companies, Business Correspondents, etc.

(vii) Arrangement should be made by the branches to promptly deposit these Specified Bank Notes with the linked currency chest / RBI and get the amount credited to their account.

(viii) Branches should estimate their cash requirement and obtain from the linked / nearby currency chest /RBI Bank Notes of other valid denominations.

(ix) Cash Deposits machines / Cash Recyclers should continue to accept Specified Bank Notes upto December 30, 2016.

(x) Information Material for educating the public regarding withdrawal of Legal Tender character of the Specified Bank Notes and salient features of the Mahatma Gandhi (New) Series Bank Notes are required to be printed/copied in adequate quantity and distributed to the public / displayed in the banking hall / ATM kiosks.

(xi) Banks should identify the staff for managing the exchange counters and brief them properly about the scheme and the procedure to be followed. A copy of the FAQs may be supplied to the staff manning the exchange counters.

(xii) Banks should provide adequate number of note counting machines, UV Lamps, note sorting machines etc. at their counters to take care of the work load and timely detection of counterfeit notes. The banking hall, public areas and counters should be under CCTV surveillance and recording should be preserved.

Action to be taken on November 10, 2016

a. Bank branches will commence normal operations on November 10, 2016.

b. Banks have to accord top priority to provide facility for exchanging / accepting deposits of Specified Bank Notes and open additional counters to meet the public demand and keep the counters open for extended ours, if necessary. Maximum staff should be deployed for this purpose. If necessary banks may consider hiring retired employees for a temporary period to take care of additional work load.