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Rs.500 and Rs.1000 currency notes demonetized. Here are the ways to root out old currency notes
Since currency notes of Rs. 500 and Rs. 1000 have become invalid. The government has given some leeway for use of these notes till 11th November midnight. Following are the sites where old notes will be accepted
Government Hospitals
Railway Tickets Booking and Air Travel Booking
Petrol, diesel and CNG stations authorized by public sector companies
Milk booths, crematoriums and government co-operative stores
International airports will make arrangements for arriving passengers to exchange up to Rs. 5000 worth of old notes.
Paying electricity bills and taxes.
Here are the ways to exchange, withdrawal and deposit limit notified by the government:
Rs. 10000/day within an overall limit of Rs. 20000/week
Bank and Post office
Withdrawal slip or cheque
Deposit
Old notes
10/10/2016 to 30/12/2016
No limits
Bank and Post office
A valid bank account or Post office saving account
Old notes
31/12/2016 to 31/03/2017
No limits
RBI Specified offices
ID Proof, PAN and Declaration Form
Here are the frequently asked questions:
What if I don’t have any bank account?
You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.
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 /State Co-op banks or at any Head Post Office or Sub-Post Office.
Are there any restrictions on electronic fund payments or transfers?
No, there are no restrictions on electronic fund transfer or payments. You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking/Credit card/Debit card or any other electronic/non-cash mode of payment.
What to do if I am not in India right now?
If you have Old High Denomination 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 with old currency notes, the authority letter and a valid identity proof.
What to do if I hold NRO account?
In case of an NRI holding NRO account can deposit Old High Denomination banknotes to their NRO account for exchange.
