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:
Change in Limits w.e.f. 18.11.2016
Process |
Duration |
Limit |
Documents |
Exchange 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 |
Deposit 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 |
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.
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Amount can be withdrawn by bride or groom or either of their parents; only one withdrawal from each side, limit will apply separately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.
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.
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
The 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
Guide to use online facilities
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How to file Income Tax Return online
How to Apply for Passport online and Check Status
How to Apply for PAN Card online and Check Status
How to apply for Aadhar Card online and update data
How to file RTI Application form online and make fee payment
How to apply online Aadhaar Card, PAN Card, FIR, Income Tax Return etc.
How to Check your Voter ID Card Status online
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