How to Exchange Old 500 and 1000 Rupee Notes in Banks and Post Office
In an unprecedented and historic move, Prime Minister Narendra Modi announced that Rs. 500 and Rs. 1000 notes will be banned in India. This – first time on TV announcement – came from PM Modi after Pakistan violated ceasefire agreements in Jammu and Kashmir. After the recent Uri Attacks by Pakistani terrorists and India’s fitting reply in form of surgical strikes across border, tensions between the two nations escalated. Pakistan started to violate cease fire agreements at several points along Jammu and Kashmir borders. After a meeting with heads of armed forces of India, PM Narendra Modi addressed the nation on November 8, 2016. This address was televised where PM Modi clearly stated that counterfeit currency notes are not only affecting India’s economy but are also playing instrumental role in promoting and harboring cross-border terrorism.
In order to deal with the problem of black money and also to give a blow to terrorism, this historic move was necessary. He asked the Indian citizens to help by happily accepting this tough decision, which is going to cause some inconvenience for at least 2 days.
What did PM Modi announce?
PM Modi announced that starting midnight of November 8, 2016, the currency notes of denominations Rs. 500 and Rs. 1000 will cease to be a legal tender. They will be reduced to status of useless paper pieces and will not be accepted in any transaction across the nation. Modi stated that this move is a part of fight against black money and terrorism – the two pillars of destruction that have plagued the Indian economy for a very long time.
How to exchange Rs. 500 and Rs. 1000 notes?
Those who have Rs. 500 and Rs. 1000 notes in hand will have to have them exchanged or deposited. There are two places where these notes can be exchanged or deposited – banks and post offices. For banks, all national and private banks in India have been instructed to have the notes exchanged or deposited. There is no word on whether a person without an account can have such notes exchanged or not. However, the likelihood of that being allowed is very high because anyone who wants the notes to be exchanged needs to carry a valid identity proof. The documents which will be allowed or accepted as identity proof will be:
- PAN Card
- Aadhaar Card
- Voter ID Card
In case of post office, all head post offices as well as sub post offices will allow such exchanges. One thing you need to know about the exchange is that there is limit set for this exchange. One person cannot exchange more than Rs. 4,000.
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- Process Exchange Old Note 500, 1000 with New Note (Same For All Banks)
- You have to Visit the Bank Near to you Like SBI, OBC, PNB, HDFC, ICICI, Canera Bank, State bank of Patiala, Bank of Baroda, Axis Bank, Andhra Bank, Kangra Bank, Cooperative Bank, Indian Overseas Bank, Karur Vasaya Bank, Central Bank, Reserve Bank of India and all other bank located in India.
- Then You have second Options that if live in village and you have a Post office then you go there and Exchange Money your Old 500 and 1000 Rupees with New One.
- You no need to pay any extra Changer for Exchange.
- When you enter Into the bank you just ask in the bank about the Money exchange counter.
- Then you just need to Ask for money exchange and Now till 25th of November you just exchange only 4000 rupees per days.
- For this You need to take carry with your Aadhar Card or Voter card, or pan card, or Ration Card, or any other authorized Identity prof for exchange counter.
As per the records 85% of Indian currency is in the form of Rs. 500 and Rs. 1000, now will the introduction of this new Rs. 2000 note this margin will be reduced. This is a great launch by the RBI, this will reduce the burden of printing more notes of Rs. 500 and Rs. 1000. Now it can be reduced by printing a note for Rs. 2000 at once. Reserve Bank of India (RBI) is fully responsible for the monetary policies of Indian rupee. So this new move made by the RBI also seems to be very beneficial for the country.
This deposit can be done till December 30, 2016 and those who want to get the money exchanged will have to do so by November 24, 2016. However, those who fail to get the notes exchanged within that time will be given a second chance to have the notes exchanged. However, those availing the second chance will have to physically visit RBI along with a declaration and identity proof to have the notes exchanged. The time frame for this second chance will be March 31, 2017. In case someone fails to comply (that is have the notes exchanged within that extended time frame), no more exchange requests will be entertained and people will simply lose money.
|You can deposit Rs. 500 and Rs. 1000 notes in banks or post offices
|Date till which this deposit will be allowed: 30.12.2016 (DD.MM.YYYY)
|You can exchange Rs. 500 and Rs. 1000 notes in banks or post offices
|Date till which this exchange will be allowed: 24.11.2016 (DD.MM.YYYY)
|If notes are not exchanged at banks or post offices within November 24, they can be exchanged at RBI
|Date till which exchange at RBI will be allowed: 31.03.2017 (DD.MM.YYYY)
|There is an exchange limit set
|No more than Rs. 4,000 can be exchanged.
So, if you are in possession of these Rs. 500 and Rs. 1000 currency notes, have them exchanged or deposited right away else, you may have to repent.