To halt the spread of counterfeit Notes and flood out the Black money, Our Government has decided to dismiss the ₹500 and ₹1000 notes. New ₹500 and ₹2000 notes are already printed and will be available to the public within a few days. In this post, I am going to tell you how you can exchange 500 and 1000 rupee notes.

Until 11th November, your 500 and 1000 Notes will be accepted at Petrol pumps, government hospitals, Railway stations, Government Bus ticket booking counters, Airports, Milk booths authorized by the state government, Consumer co-operative stores operated by the local or central government.

ATMs will not operate for the next two days, and all the bank will be closed on 9th November 2016. There will be No change in other form of transactions like Cheque, DD and Payments via Credit Card, Debit cards, and Internet Banking.

How To Exchange 500 And 1000 Rupee Notes

You can deposit your Old ₹500 and ₹1000 at the bank or post office till 30th December 2016. You can also exchange them from a bank or post office till 24th November. Please note that the limit for exchanging the notes is ₹4000 per day.

If you want to exchange your ₹500, ₹1000 notes, you have to show your Aadhar Card and Pan Card at the Bank or post office.

500 and 100 notes

If you are Foreigner or a Tourist, you can change the notes at the Airport. Foreign tourists will be able to exchange the Foreign currency or the old notes at the Airport, and the limit is ₹5000.

After 30th December 2016, you can not exchange your old ₹500 and ₹100 notes at a Bank or Post Office. These notes will be accepted only at the Reserve Bank of India along with a written declaration. The provision to exchange the notes at RBI is until 31st March 2017 only.

Till 24th November, You can withdraw a maximum of Rs. 10,000 per transaction from the bank and the maximum withdraw limit per week is ₹20,000 only.

You can withdraw from ATMs only ₹2000 per Day till 18th November 2016 and the
The limit will be increased to ₹4000 later.

exchange-notes

Rs 500 and Rs 1000 notes banned – FAQ

1. ₹4000 is the Max Amount that can be withdrawn from the ATM. It is not sufficient for my  need. What to Do?

The maximum ATM withdraws limit is only ₹4000. But, you can use the balance in your bank account to pay for your requirement by cheque, Mobile Wallets, Credit/Debit Cards, IMPS and Internet Banking.

2. I Don’t have a Bank Account. How Do I exchange the 500 and 1000 notes?

You can always open a new bank account by submitting all the required KYC (know your customer) documents.

3. Where Can I exchange the notes

RBI Issue Offices, Branches of Commercial Banks, State Co-op Banks or at any Head Post office or Sub-Post Office, Regional Rural Banks, Urban Cooperative banks and RBI till 30th December 2016.

4. What Proof of Identity Should I provide to exchange the notes?

You can provide any of the following documents like Aadhaar Card, PAN Card, Voter ID Card, Driving License, Passport, NREGA Card or any other Identity card issued by the Government.

5. Should I exchange the notes at my Bank branch only?

You can exchange up to ₹4000 in cash at any Bank branch. You have to provide them a valid identity proof and your bank account details that are required to transfer the money to your account.

If you want to exchange more than Rs. 4000, you have to visit the branch where you have an account or to any other branch of the same bank.

6. I have no Bank account. Can I exchange the notes into my friend/relative Bank account?

Yes, you can exchange your notes and deposit them into your relatives or friends account. But, you have to take the written permission of the account holder and submit it to the bank. You also have to provide your identity proof.

7. Can I withdraw the Cash against Cheque?

Yes, you can withdraw the notes against the Cheque or the Withdrawl slip. But the maximum withdraw limit is ₹10,000 per day, and the overall limit is ₹20,000 per week.

Source: Economic Times,  RBI

PM Modi announced that the declaration to Completly Ban the ₹500 and ₹1000 notes that would encourage cashless economy and also check the black money. All the Black Money holders have not given any possibility to replace their black money. The only option for the Black Money hoarders is to deposit their money into the bank and pay the taxes.

So, All the Common people and honest citizens of India, Don’t Panic. Just visit any bank or post office and deposit your hard earned money. If you have any queries on How To Exchange 500 And 1000 Rupee Notes, post them in the comments section below, and I’ll answer them.

14 COMMENTS

  1. Dear I am working in a old aged home having more than 100 aged members from that some are psycho patient some are handicapped. From that 70% don’t have bank account, Adhaar card or PAN card but in their hand they have old 1000 and 500 note. Don’t know how I could help them to get them the new note please help me.

    • You can deposit all the Money in your bank account. Later, you can distribute 2000, 100 notes to the old people. If the amount is greater than 2.5 lakhs, you have to show the proof that the money belongs to Old age home members.

  2. Hi, I’m in UAE now. Just came 1 month back. My IT returns since 2008 till 2015 were in the average of 6 Lacs/FY. My average salary package was 8 Lac/annum. Before coming to UAE I kept substantial sum (in the tunes of 5 Lac) in my home for various purposes. Apart from this I don’t have any other physical assets and other savings. I was without job in FY 2015. What to do with stack of notes? What would be tax liability to me?

  3. I clearly heard the PM saying that we need to produce any of the said documents like
    Adhaar Card
    PAN Card
    Driving License
    Voter ID Card
    Passport
    NREGA Card
    I did not hear the PM saying anything about giving a photo copy of the above documents then why are the banks and post offices insisting on the same. KINDLY THROW SOME LIGHT ON THIS……

  4. If I want to deposit or exchange an amount of about 6000/- each in mine & my son’s a/c in the same branch that we have savings a/c will we still have to submit documents? Can I deposit or exchange the said amounts without my son coming to the branch? Till which date can this be done.?

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