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Wednesday, November 9, 2016

How to exchange 500 and 1000 rupee notes

500 and 1000 rupee notes are not valid now and from tomorrow, 10 November 2016, customers can can exchange the 500 and 1000 rupee notes from banks. To exchange the notes, customers have to fill up a form (will be available from Banks) providing the name of the bank, customers name and photo copy of one of the ID cards - PAN card, voter ID card, Aadhar card, passport or nrega job card. One can exchange maximum Rs. 4000.00.

The form looks like:


Old Notes can be exchanged from 10 November 2016 to 24 November 2016.

Daily cap is Rs. 4000.00. This will be waived between 25 November 2016 to 30 November 2016. 

Government photo ID is required for any exchange from Bank or post office.


Till 18 November 2016, ATM cap fixed at Rs. 2000.00 per day.

From 19 November 2016, ATM cap may go upto Rs. 4000.00 per day.


No limit on depositing old notes till 30 December 2016.

Deposits allowed only at specified RBI offices from 31 December 2016 to 31 March 2017.

Shopping and Payments

Only new notes to be used from 10 November 2016 and there is no cap on spending.

Non-cash transaction norms remain unchanged.

Important: Banks will remain open on 12 November, Saturday and 13 November, Sunday.

                 All SBI branches will operate 2 hours more on 10 November.

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