Guide to exchange old Rs. 500 and Rs. 1000 notes, depositing currency into bank and withdrawal of cash from bank including Rs. 500 and Rs. 2000 new currency notes

Rs. 500 and Rs. 1000 old note exchange

After the announcement of withdrawal of Rs 500, Rs 1000 notes and introduction of new Rs. 500 and Rs. 2000 notes, here is what you need to know:

Rs. 500 and Rs. 1000 Notes Demonetization

Change in Limits w.e.f. 18.11.2016











in Bank

Old Notes for New


Nov 18 onwards


Discontinued w.e.f 25.11.2016


Aadhar Card, Voter ID Card, PAN, Ration Card, NRGEA Card, Driving Licence. Identity card issued by Govt. Department, Public Sector Unit to its staff



into Bank

Old Notes


Nov 10 - Dec 30


No Limit for KYC Complaint Accounts


A Valid account with above ID Documentation


Withdraw from Bank

New Notes


Nov 14 Onwards


Max Rs. 24000 inclusive of ATM Withdrawals


Withdrawal Slip or Cheque


Withdraw ATM

New Notes


Nov 14 Onwards


Max. Rs. 2500 per day


Debit/Credit Card


Transactions allowed in Rs. 500 Notes w.e.f 25.11.2016

Payments for the transactions under all the exempted categories will now be accepted only through old Rs 500 notes.

Payments in exempted categories using old Rs 1,000 notes have been banned from midnight tonight.

Payment of school fees up to Rs 2,000 per student in central government, state government, municipality and local body schools can be made using old Rs 500 notes.

Purchase from consumer cooperative stores will be limited to Rs 500 at a time, while payment of current and arrear dues to utilities using old Rs 500 notes will be limited to only water and electricity.

This facility will continue to be available only for individuals and households.

Payment of fees in central or state government colleges can be made using old Rs 500 notes.

The government has also allowed payments using old Rs500 notes for pre-paid mobile top-up to a limit of Rs 500 per top-up.

Payment at highway toll plazas can be made through old Rs 500 notes till December 15, 2016.

Foreign citizens will be permitted to exchange foreign currency up to Rs 5,000 per week.

Relief for Weddings

Families can withdraw upto Rs. 2,50,000/- in cash from bank accounts with KYC compliance.

Amount can be withdrawn by bride or groom or either of their parents; only one withdrawal from each side, limit will apply separately

PAN and self declaration (that only one person from the family is withdrawing the amount) is to be provided.

Some proof of the wedding such as invitation card etc should also be produced.

Relief for Farmers and Traders

Farmers can withdraw upto Rs. 25,000 per week in cash from KYC Complaint accounts

Traders registered with APMC Markets, mandis can withdraw upto Rs. 50,000 per week from KYC Compliance accounts.

Last date for payment of crop insurance premium extended by 15 days.

Relief for Central Government Employees

Staff upto group 'C' including equivalent levels in defence, paramilitary forces, railways and central public sector enterprises can draw a salary advance of upto Rs. 10,000/-. The amount will be adjusted against salary for the month of November 2016.

Rs. 500 and Rs. 1000 Old Notes Exchange
Exchange of old notes for new ones is allowed upto Rs 2000 as a one time measure till government reviews this cap. As per Reserve Bank of India notification, "the specified bank notes of aggregate value of Rs 2,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity; the limit of Rs 2,000/- for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of this notification and appropriate orders may be issued, where necessary." This implies that the limit of Rs 2,000 per person is a one time exchange allowed till this decision is reviewed 15 days from November 8 i.e. on November 22nd (Note the amount was Rs. 4000, Rs. 4,500 respectively earlier).

Rs. 500 and Rs. 1000 old Notes Depositing


There is no upper limit on deposits of cash into bank. But you will get up to Rs 2,000 per person in cash irrespective of the size of tender. Balance amount will be credited to your bank account. The Reserve Bank of India notification says, "there shall not be any limit on the quantity or value of the specified bank notes to be credited to the account maintained with the bank by a person, where the specified bank notes are tendered; however, where compliance compliance with extant Know Your Customer (KYC) norms is not complete in an account, the maximum value of specified bank notes as may be deposited shall be Rs 50,000."

Withdrawal of Cash from Bank including Rs. 500 and Rs. 2000 new notes

Rs. 500 and Rs. 2000 new currency notes in IndiaThe withdrawal limit of cash with withdrawal slip or cheque is Rs 10,000 (limit removed on 14.11.2016) in a day within an overall limit of Rs 20,000/- (Rs. 24,000 from 14.11.2016) in a week (including withdrawals from ATMs) up to November 24, 2016. These limit may be reviewed after this date.

Amount upto Rs. 2000 can be exchanged from any Bank branch

You can exchange Rs. 500 and Rs. 2000 notes upto Rs. 2000/- from any bank by producing valid identity proof. There is no need to go to your particular bank unless you want to deposit amount in your account.

If you do not have a bank account, you can use the bank account of relative or friend

Those who do not have bank account can use the bank account number of friends or relatives with their permission in writing to exchange money.

Exchange of notes through authorised persons

If it is inconvenient for you to visit the bank, you can exchange money with your representative by giving authorisation letter in his name.

Withdrawal from ATM

You can withdraw money from ATM upto Rs. 2500 per card per day till 18th November 2016. The limit will be raised to Rs. 4000 per card from 19th November 2016 onwards.

Cash withdrawal against cheque

Withdrawal limit for cash with withdrawal slip or cheque in a day is Rs. 10000/- (Limit removed on 14.11.2016) with an overall limit of Rs. 20000/- (Rs. 24000 from 14.11.2016 onwards) in a week including withdrawal from ATM.

Deposit of cash in Machines and ATMs

Cash can be deposited in ATM / Cash deposit machines.

No Bank on Electronic Transfer (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.)

There is no bank on electronic transfer of money and for transactions through cheques.

Time Limit to Exchange Rs. 500 and Rs. 1000 old notes

The closure date of the scheme is on 30th December 2016. The Specified banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 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.

If a person is not in India how to exchange notes

Those who are not in India 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 banknotes, the authority letter 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.

Exchange of money by Tourists and Foreigners

Tourists and Foreigners can purchase foreign exchange equivalent to Rs. 5000 at Airport exchange counters till November 14, 2016, provided to present proof of purchase of specified bank notes.

Use of old notes to clear loan

Deposit of old notes in loan account is allowed subject to CTR/STR reporting.

Proof Identity to Exchange Notes

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.

Helpline Number of Reserve Bank of India to solve problems

Telephone Nos 022 22602201 and 022 22602944


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