Banned 500 & 1000 Rs Notes: How to Exchange old Notes & Imp Dates

Important Dates and Schedule to Deposit the Currency : Timing & Date

Start Date of Currency Deposition in bank & Post office : 10 Nov 2016

Last date of Currency Deposit in Bank – 30 December 2016

Banks – All Major banks of Country ( Comes Under RBI – Reserve Bank of India) – SBI, Yes Bank, Axis Bank, ICICI bank, HDFC, Uco Bank, Bank of Baroda, Oriental bank of commerce, SBBJ, Bank of Maharashtra,

Bank notes deposit time and date

The honorable Prime Minister Narendra Modi had shocked the nation with his 40-minute speech broadcasted today at sharp 8:00 PM. Modi had addressed the nation in regard to creating a public attention toward a major decision.

As per the government rules, from 8th of November, 2016, 12:00 PM onward, Rs 500 & 1000 currency notes are banned in the country. The use of the following currency in any type of transaction, borrowing will be considered as an illegal action.

How to Deposit the Currency in Bank – 500 & 1000 Notes

However, the laymen need not worry about it as, the notes can be deposited back to the bank account from 10th of November till 31st of December 2016. Though some key points have to be followed which are as follows:-

  • The online transaction will continue in order of payment making and any other online activity.
  • New notes of Rs 2000 and Rs 500/- will be issued by the government
  • If the laymen fail to deposit the currency after the deadline, he/she can deposit it till 31st of March 2016 along with the manifesto.
  • If any person is traveling through airlines including the international, bearing the said notes, he/she can do the transaction up to the limit of Rs 5000 till 11th of November 2016.
  • The upper rule will be followed by petrol pump, purchasing of a railway ticket, airline ticket, and government hospitals.

Also, RBI had issued the helpline number for building up a communication bridge for solving out laymen’s queries regarding the amended currency deposition

Rs 500 and Rs 1000 Notes are Banned, Rupees 500 and Rupees 1000 Currency Notes are not a legal Tender Now and check the Update & Latest News of Old 500 & 1000 Rs Notes

Procedure and guidelines to change the old 500 & 1000 Rupees notes from Bank & Post Office

  1. Visit the Page or Post office to change the Old notes with New one
  2. Fill up the Old Notes Exchange Form available in the Bank 
  3. Show the Government ID Proof such as Aadhaar Card, PAN card, Voter ID Card, Passport between 10th Nov to 30 Dec 2016.
  4. Give the Old 500 / 1000 Notes to Bank and they will replace it with New One.

Old Notes Exchange Form

Fill up the Old Notes Exchange Form available in all government / Private Banks & Post office.

Maximum Limit to exchange the Old Notes of 500 & 1000

Govt KYC norms must be completed to exchange the Old Notes with new one.