Are You Heading To Bank To Exchange Your 500 And 1000 Denomination Notes? Then Note This Down

Vamshi

We all know that PM Narendra Modi’s decision of scrapping 500 and 1000 rupee notes to eradicate black money has been effective from the midnight of 8th November 2016. Here are the complete details regarding this ’emergency’ measure. Check It Out!

Post the big announcement, all the citizens were given merely 4 hours to go to the ATMs and withdraw money in the denomination of 100 as the government announced that the banks and ATMs would be shut down for the following two days, the second of which, is today.

ATMs

Hence, today the banks have opened for people to exchange their notes and withdraw valid notes (100, 500 and 2000) while ATMs still remain closed. People are facing a lot of problems to exchange their money as the old 500 and 1000 are not being taken outside anywhere.

Here are few ways in which one can exchange their 500 and 1000 denomination notes before 30th December 2016 as it is the last date set by the Indian Government and RBI for the exchange process.

how-to-exchange-500-and-1000-notes

Go to a bank:

  • You can go to any branch of any bank to exchange money with a valid identity proof (government recognized, like driver’s license, PAN card etc.).
  • However, in case you wish to surrender all your cash which is in the form of 500 and 1000 notes, you must go to any of your own bank’s branch.
  • You can exchange only up to Rs 4000 in a day. As for those who plan to surrender all their cash, you will get back Rs 4000 from the bank while the remainder of your cash will be deposited in your bank account which you can withdraw later.
  • You can withdraw up to 10,000 per day from a bank and a total (including the money withdrawn from a bank and an ATM) of Rs 20,000 in a week.
  • This cash can be withdrawn using a cheque or withdrawal slip.

The exchange process will be initiated only after you fill the below form:

money-exchanging-request-form

Go to a Post Office:

Until and unless you have an account at a post office, you can only exchange notes here after submitting a valid identity proof and filling up a form, so please make sure you go with a pen. Be careful while depositing or exchanging 500 or 1000 notes in the Bank or Post Office, if you were asked to provide ID Proof and a copy, kindly attest the same and write the details of how much you are depositing/exchanging old currency amount, your signature and date because there are chances that unsigned ID Proof may be used several times.

Go to an ATM:

  • Firstly, you can go to (your bank’s) ATMs which have cash deposit machines and submit your old 500 and 1000 denomination cash therein. You might not have to stand in a long queue outside a bank.
  • You can withdraw only up to Rs 2000 in a day through one card. This limit will be increased to Rs 4000 per day per card, from 19th November 2016.

2000-note

People who don’t have a bank account:

  • You can go to any bank ASAP and open an account made or
  • You can exchange your notes through the bank account of a friend or relative after taking written permission from them to do so and providing the respective bank with valid identity proof and the permission letter.

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