For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The representative should produce authority letter and his / her valid identity proof while tendering the notes.It may take a while for the banks to recalibrate their ATMs. upto 24th November 2016.Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.The scheme closes on 30th December 2016.

Source: Economic Times November 08, 2016 19:29 UTC