How to Exchange 500 and 1000 rs Notes | How To Convert Black Money With New Notes |How to Exchange Old Notes

India Banned Rs 500, 1000 notes, 

How To Convert Black Money With New Notes,How to exchange old notes

Now In India 500 and 1000 Rs notes banned and from today i.e 9/Nov/2017. It will not be legal tender anymore because it is a just piece of paper. Yes, that is "True"just a piece of paper now it can’t be used to buy anything. Know more details about the ban below and how to exchange your old notes below or  How to exchange 500 and 1000 rs notes ??
Here is Answer .... 

How to exchange 1000-rupees-500-rupees-notes

Prime Minister Narendra Modi announced  that 500 Rs and 1000 Rs are no longer legal tender !!!. Don't Worry I will Explain the reason also and How to Exchange 500 and 1000 rs Notes.

Now this is Old News for you but I would like to mention that Banks will remain closed on 9th November, New currency 500 and 1000 rs Notes exchange will be available from 10th November. You can change your current note from any Bank or Post Office. None of Bank ATM will work on 9th November. Let's go to our topic ... 

NOTE:
TODAY New 500 Rupee Note reached to all Banks ... From tomorrow i.e 17/nov/2016  all bank circulate new 500 rupee note.

New-500-curreny -note

How to Exchange 500 and 1000 rs notes

How to exchange 1000-rupees-500-rupees-notes-

Here's what you need to do with your 500 and 1000 rs notes ...

    Go to nearest Bank and Deposit them at the bank or post office from November 10th to           December 30th.

• You can exchange 500 and 1000 rs notes them from a bank or post office till 24 November. The limit for exchange per person is Rs 4000 Only.
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• Please Cary with you required documents like Aadhaar card and PAN Card when you go to exchange 500 and 1000 rs notes.
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• After December 30th 2016, these can be deposited at the Reserve Bank with a declaration at specified Centers. The Centers Will be Announced very Soon ... If want update about it please Comment your mail Id in comment box.
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• Note: Tourists can change the notes at airports Also ... 
   

Your 500 and 1000 rs notes be accepted till November 11 at:

• Petrol Pumps and government hospitals
• Railway, airline, government bus  ticket booking counters
• Consumer co-operative stores run by state or central government
• Milk booths authorized by state governments
• Crematoriums and burial grounds

Why India banned Rs 500 and 1000 notes

This action has been taken to stop corruption !! Will Stop ?!!!, Black money and illegal transactions. Now, if you have any amount of money kept with you in the form of 500 and 1000 Rs note then you have to exchange the note with the bank to use that money as soon as possible last date for exchange your money 31st December 2016.

Those people who used to keep crores and crores of black money in home or in other location will not be able to use the money anymore this is very news for them RIP. If they try to exchange the notes, Bank will keep an eye on their accounts and soon Income tax will take them to Jail and take necessary action as per Government Norms.

Lets start our conversation in comment's box and Please give your opinion on this band !!! and post do have any questions regarding old notes, How to exchange 500 and 1000 rs notes, and limits everything  feel free to comment !!

How to exchange old 500 and 1000 Rs Notes

How to exchange 1000-rupee-500-rupee-notes-at-bank

Keep calm, you have 50 days to exchange all your money through any Bank or Post office.

1. Take your money which are in the form of Rs 500 and 1000 to any Bank from 10th November.
2. Deposit all your money in your Bank account.
3. Or make an exchange of the notes in any Bank or Post Office.
4. Must take your ID card with you. eg. Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
5. Your Notes will be exchanged with the new currency notes of 500 and 2000.

Where you can use your old notes (emergency)

1. You can use your notes at Govt Hospital, Pharmacies with Doctor prescription.
2. Notes will be accepted at Petrol pumps mostly!!, Milk booths and government co-operative stores.
3. You can use it to book Train or Flight tickets at the counter.
4. Other emergency measures has been taken care of.

PM Modi speech on 500 and 1000 Ban

How to exchange 1000-rupees-500-rupees-notes-at-post-Office

PM Narendra modi gave a speech on 8th November to the nation about the ban of old 500 and 1000 notes.

• Sab ka sarkaar, sab ka vikas – governance and progress for all is our motto. We are focused on empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers.
• Corruption and black money are diseases rooted in this country, they are obstacles to our success.
• We are among fastest-growing economies, but we also rank so high in global corruption rankings.
• Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
• Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
• When you elected this government in 2014, world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.

RBI Slip Download Exchange  ₹500 ₹1000 old Note Exchange Slip (PDF)

1. Axis Bank Exchange old ₹1000 or ₹500 note – Form Download
2. State Bank Of India (SBI Exchange old ₹1000 or ₹500 note – Form Download
3. How to Exchange Old 500 Rs and 1000 Rs Form Download
4. Punjab National Bank (PNB) Exchange old ₹1000 or ₹500 note – Form Download
5. HDFC Bank Exchange old ₹1000 or ₹500 note – Form Download
6. IDBI Bank Exchange old ₹1000 or ₹500 note – Form Download
7. Bank of Baroda (BOB) Exchange old ₹1000 or ₹500 note – Form Download
8. ICICI Bank Exchange old ₹1000 or ₹500 note – Form Download
9. Central Bank of India Exchange old ₹1000 or ₹500 note – Form Download
10. RLB bank Exchange old ₹1000 or ₹500 note – Form Download
11. Bank of India (BOI) Exchange old ₹1000 or ₹500 note – Form Download
12. DCB Bank Exchange old ₹1000 or ₹500 note – Form Download
13. Corporation Bank Exchange old ₹1000 or ₹500 note – Form Download
14. SBH Bank Exchange old ₹1000 or ₹500 note – Form Download
15. Canara Bank Exchange old ₹1000 or ₹500 note – Form Download
16. Dena Bank Exchange old ₹1000 or ₹500 note – Form Download
17. Yes Bank Exchange old ₹1000 or ₹500 note – Form Download
18. City Bank Exchange old ₹1000 or ₹500 note – Form Download
19. Tamilnad Bank Exchange old ₹1000 or ₹500 note – Form Download
20. Vijyalaxmi bank Exchange old ₹1000 or ₹500 note – Form Download
21. Ratnakar bank Exchange old ₹1000 or ₹500 note – Form Download

FAQ:

Why is this scheme introduced by RBI?

The incidence of fake Indian currency notes of higher denomination has increased in India. For ordinary persons and middle class persons, the fake notes look similar to original notes, even though no security feature has been copied. The fake notes are used for anti-national and illegal activities also. High denomination notes have been misused by terrorists and for hoarding black money many times. India remains a cash-based economy hence the circulation of fake Indian currency notes continues to be a menace. In order to contain the rising incidence of fake notes and black money in India the PM announced, the scheme has been introduced.

How much value will I get or Any Exchange commision?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

Can I get all in cash at a time?

No. Because you will get up to Rs.4,000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account automatically. 

A sum of Rs.4000 cash is insufficient for my needs!!!?.

You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS and credit/debit cards and paytm many more.

What if I have only Jan-Dhan account in bank?

A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accordance with norms and procedures for more details go for the nearest bank.

Where can I go to exchange the notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/Regional Rural Banks/ Urban Cooperative Banks (UCBs)/State Co-op banks or at any Head Post Office or Sub-Post Office, For more Information See: How to Exchange 500 and 1000 rs notes

Need I go to my bank branch and not other bank's to Exchange 500 and 1000 rs notes?

For exchange up to Rs.4,000 in cash you may go to any bank branch with identity proof.

For exchange of more than Rs.4,000, which will be credited to your bank account only, you may go any branch of a bank with which you have an account.

To use other banks’ branches, you will need identity proof and your bank account details required for electronic fund transfer to your account.

Can I go to any branch of my bank  to Exchange 500 and 1000 rs notes?

Yes you can go to any branch of your bank.

Can I go to any branch of any other bank to Exchange 500 and 1000 rs notes?

Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds Rs.4,000.

I have no account but my relative / friend has an account, can I get my notes exchanged into that account to Exchange 500 and 1000 rs notes?

Yes, you can do that if the account holder relative/friend etc. gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

Should I go to bank personally or can I send the notes through my representative to Exchange 500 and 1000 rs notes?

Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

Can I withdraw money from my account with ATM?

It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs. 2,000 per card per day upto 18th November, 2016. The limit will be raised to Rs.4, 000 per day per card from November 19, 2016, onwards.

Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs.10,000/- in a day within an overall limit of Rs.20,000/- in a week (including withdrawals from ATMs) up to November 24, 2016, after which these limits shall be reviewed.

Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, specified bank notes can be deposited in cash deposits machines / cash recyclers.

Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?

You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

How much time do I have to Exchange 500 and 1000 rs notes?

The scheme closes on December 30, 2016. The specified bank notes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till December 30, 2016.

For those who are unable to exchange their specified bank notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

I am right now not in India, what should I do to Exchange 500 and 1000 rs notes?

If you have specified bank notes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the specified bank notes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

I am an NRI and hold Non Resident Ordinary Rupee (NRO) account, can the   Exchange 500 and 1000 rupee notes value be deposited in my account?

Yes, you can deposit the specified bank notes to your NRO account.

I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to Rs.5,000 using these specified bank notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the specified bank notes.

I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the specified bank notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

What is proof of identity to Exchange 500 and 1000 rupee notes?

Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

If I have a problem, whom should I approach to Exchange 500 and 1000 rupee notes?

You may approach the control room of RBI by on Telephone Nos 022 22602201/022 22602944

What are the points I should bear in mind to Exchange 500 and 1000 rs notes?

Since it is a massive exercise there is going to lot of confusion till the new currencies come into circulation totally and banks and ATMs are fully prepared for this. You need to cope with limited availability of notes and use the cash smartly. Also there is no clarity whether you can use multiple banks to exchange notes, since the limit is Rs.4,000 per person. Also IT Department would be keep a close watch on the deposits, so have clear proof of the source of money you are depositing.

Limit/ Dates to Exchange Old Rs ₹500 and ₹1000 note [Complete Table]

Process	With	Duration	Limit	Where	You Need
EXCHANGE	Old notes ..for New	10 Nov – 24 Nov 25 Nov – 30 Dec	₹4000 More than ₹4000	Bank & Post-office	Aadhaar card, Voter ID, Ration card. Passport, PAN ….
DEPOSIT	Old notes	10 Nov – 30 Dec	No Limit	Bank 8i Post-office	A valid Bank account or Post office Saving account
DEPOSIT	Old notes	31 Dec-31 March	No limit	RBI Specified Office	ID proof, PAN 8, Deceleration Form
WITHDRAW	New notes	10 Nov onwards	Max ₹10000/ day or Max ₹ 20000/week	Bank Counter Post-office	Withdrawal Slip or Cheque
WITHDRAW	New notes	10 Nov -18 Nov 19 Nov – onwards	Max ₹ 2000/ day Max ₹ 4000/day	ATM	ATM Card
SHOPPING	Old notes	8 Nov onwards	No value	No where	Only New Notes
SHOPPING	New notes	10 Nov onwards	No limit	Any where	New Notes
PAYMENTS	Old notes	8 Nov onwards	No value	No where	New Notes
PAYMENTS	New notes	10 Nov onwards	No limit	Any where	New Notes
PAYMENTS	Credit/Debit card/ Cheque/DD/online/ E-banking	All days	No limit	Any where	Valid transacting Medium

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