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How to Exchange existing Rs. 500/- and Rs. 1000/- notes you have with you (Amended)

ByWebindia123 Editor 10.11.2016         Mail Now X   Post Comments

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After the demonetisation of Rs 500 and Rs 1,000 notes announced by Prime Minister Narendra Modi on Tuesday Nov 8th, confusion as on how to exchange the existing demonitised Rs. 500/- and Rs. 1000/- notes has risen among the public. RBI guidelines for exchange is given below.

Cash withdrawal/ deposit through ATM

• New currency notes of Rs 500 and Rs 2,000 value will be available in the ATM for people to withdraw along with the other denomination notes. All cash withdrawal transactions from ATMs will be free of cost.
  
  
• A person can withdraw up to Rs 2,500 per day through a single card till November 18. Thereafter, the limit will be increased to Rs 4,000 per day.
  
• Demonitised Bank Notes can be deposited in Cash Deposits machines / Cash Recyclers.

Cash Withdrawal/exchange From Banks

• RBI said the facility for the exchange of the demonitised currency notes of Rs 500 and Rs 1,000 has been provided in all branches of banks and post offices. The limit of exchange is 4500/- till 24/11/2016. An application form has to be filled on the format (Format available below to download / print) prescribed by the RBI along with the valid identity proof (like the Aadhaar Card, PAN Card, Voter ID Card, Driving License, Pass Port, NREGA Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff), original as well as a copy, verified by the Bank Manager. This facility will be available till December 30.
  
• Those who fail to get their currency notes exchanged by December 30, due to any reason can avail this facility by March 31 next year after filing the application on the format prescribed by the RBI along with the valid identity proof.
  
• Cash withdrawal from a bank account over the counter is subject to an overall limit of 24,000/- a week (including withdrawals from ATMs) from the date of the notification until the end of business hours on 24th November, 2016.
  
• There will be no restriction on the use of any non-cash method of operating the account of a person including cheques, demand drafts, credit or debit cards, mobile wallets and electronic fund transfer mechanisms or the like.

  For more details check RBI FAQ

• Download / Print Application form

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