How to Exchange or Deposit Old 500 and 1000 Old Notes in Banks and Post Office
Now that the Indian government has pulled Rs. 500 and 1000 notes from circulation, you will need to know what to do in order to handle your old 500 and 1000 notes. It is important to understand what you can do so you won’t have to worry about whether or not your notes will actually be worthwhile in some way.
You should be able to easily exchange your old notes in many places. Your government card may also be used to help you get your money into a proper bank account linked to your name. This should be useful but you will have to look at the process used for making it work. You must especially get your notes exchanged within enough time to make sure you get everything you have exchanged properly.
Exchange or Deposit Old 500 and 1000 Old Notes in Banks and Post Office and last date
Process to Deposit Old Rs 500 and 100 Notes and dates
You should get to your bank to deposit your old 500 and 1000 notes. You can deposit your notes at a bank or post office from 10th November 2016 until 30 December 2016. If you somehow miss this 50 day period. Then you can deposit this directly in RBI until 31st March 2017.
Process to Exchange Old Rs 500 and Rs 1000 Notes, dates and Limit
In terms of exchanges, you can get old notes exchanged into new bills with other denominations. You will have until 24 November to exchange your notes. Also, you can only exchange up to Rs. 4000 during your individual session each day. This is to ensure you don’t abuse the exchange process. This process in only for those person who do not have any bank account or post office account.
| Last Date | Cash Limit | |
| Deposit | 30th Dec 2016 in banks and Post Ofice and 31st March 2017 in RBI | No Limit |
| Exchange | 24th Nov 2016 | Rs 4000 Daily |
Documents Required
You can also take your PAN or Aadhaar card to the place that you exchange your notes at. This is to help you get the funds deposited into a proper account if necessary.
The notes that you exchange can be deposited at the Reserve Bank later on. These can be deposited after 30 December provided that you have a proper declaration available.
Head To Your Airport
Old 500 and 1000 notes can be exchanged at any airport in India. This is particularly targeted to tourists although it can be used by local residents if needed. You will more than likely be limited to exchanging up to Rs. 4000 each day like with what many other places have listed for your use.
Where Can You Spend Them?
You could still spend your 500 and 1000 notes in some places. These can be accepted until 11 November at petrol stations, government hospitals, travel ticket booking counters and government-run co-op stores. The terms associated with exchanging these notes should be checked carefully so it will not be harder for you to handle.
What Notes Will You Get?
When you do exchange your notes, you should get some lower denomination notes. These should be equal to the values of the notes that you are exchanging so be sure to double check how the transfer process works. Also, make sure you adhere to the Rs. 4000 limit each day.
These notes that you have may not work anymore but they can still be useful if you know where to bring them. You must take quick action when getting your old 500 and 1000 notes taken care of so you won’t be stuck with things that are not too hard to handle.
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