How to Exchange Your Old 500-1000 Notes from Bank

As all aware of our honarable Prime Minister has announced that old notes of  Rs 500 and Rs 1000 shall not be legal tender wef 08/11/2016 Midnight .However you can deposit the old 500-1000 notes in bank account or post office account without any limit if you have valid source of such notes.

Further the Notes can also be exchanged with new notes at Bank or post office.All the rules regarding exchange of old notes has been explained as under.

Where old Note can be Exchanged :

The old bank notes held by a person may be exchanged at any 

1. Any branch of public sector banks, 
2. Any branch of  private sector banks, 
3. Any branch of  foreign banks, 
4. Any branch of Regional Rural Banks, 
5. Any branch of Urban Cooperative Banks and 
6. Any branch of State Cooperative Banks 
7. Head Post Office or Sub-Post Office.
8. Issue Office of the Reserve Bank 

How much time do I have to exchange the notes?

The scheme closes 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.

What is the Limit to exchange the Old Notes 

Old bank notes of aggregate value of  Rs 4,000/- or below may be exchanged for any denomination of bank notes having legal tender character.The above limit is for one time exchange and as per notification limit is not for daily basis.So effectively a person can change 4000/- rs any number of times .Further you can change 4000/- each from diffrent bank branches.

If you have large amount of old notes then you may deposit the same in your bank account.There shall not be any limit on the quantity or value of the old bank notes to be credited to the account maintained with the bank by a person, where the old bank notes are tendered; however, where compliance with extant Know Your Customer (KYC) norms is not complete in an account, the maximum value of old bank notes as may be deposited shall be Rs 50,000/-;

Notes can be  exchanged  at any branch of your bank : 

You can go to any branch of your bank.

Notes can be  exchanged  at any branch of other bank 

Notes can be exchanged at other banks also where you does not have any bank account.

Identity Proof to shown in  Original to exchange the old note :

Following identity proof to be shown in original In Bank to exchange the old note.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.

Prescribed form to exchange the old notes : 

RBI has prescribed a form ,in which you can fill your details of old notes and your own particulars ,Form is given as under.

Request Slip for exchange of Old Bank Notes in denominations of Rs. 500/- and Rs. 1000/-

Name of the Bank
Branch:
Name of the Tenderer (In capital Letters)
Identity Proof Original to be shown at the counter (Tick the one applicable)	Aadhaar Card, Driving License, Voter ID Card, PassPort, NREGA Card, PAN Card, Identity Card Issued  by  Government  Department, Public Sector Unit to its Staff,
Identification Number (Number mentioned in the Identity Proof submitted)
Details of Old High Denomination Bank Notes submitted for exchange	Denomination	No of Pieces	Value
	Rs. 500
	Rs. 1000
	TOTAL
	Total value in words:
Signature of Tenderer
Place: Date:

If you do not have bank account then ? but my relative / friend has an account, can I get my notes exchanged into that account?

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 You go to bank personally or can I send the notes through my representative?

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.

I am right now not in India, what should I do?
If you have Specified banknotes 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 banknotes, 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)