Q. What do I do with my Rs. 500 and Rs. 1000 that I have?
Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit.
Q. What will happen to my money?
Your money will remain yours. You need not worry on this point.
After depositing your money in your account, you can withdraw it when you need. Keeping in mind the supply of new notes, in the first few days, there is a limit of ten thousand rupees per day and twenty thousand rupees per week against withdrawal slips and by cheques. This limit will be increased in the coming days. This limit is for cash withdrawal.
For withdrawal from ATMs, daily limit will be Rs. 2000/- till 18th November and Rs. 4000/- from 19th November.
From 10th November till 24th November, the limit for exchange of old notes will be four thousand rupees. From 25th November till 30th December, the limit will be increased.
Q. What if I am not able to deposit my old 500 and 1000 rupees notes by 30th December’ 2016 ?
There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016.
They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.
Q. Do I need to go to my own bank for exchange of old notes or can I go to any other bank for exchange of old notes?
You can go to any other bank for exchange of old notes by submitting a valid ID Proof and bank account details for transfer of funds above the daily limit.
Q. Can I get my notes exchanged in any other person’s bank account?
You can get your notes exchanged in any other person’s bank account provided you have permission in writing from that person and you should provide to the bank, evidence of permission given by the account holder.
The equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation is accorded by the third party and it is provided to the bank along with a valid ID proof.
Q. Should I 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.
Q. What is a valid proof of identity?
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.
Q. I am an NRI and hold NRO Account, can the exchange value be deposited in my account?
Yes, you can deposit the Specified banknotes into your NRO Account.
Q. Is there any limit/restriction on non-cash transactions?
There will be no restriction on the use of any non cash method of operating the account which includes cheques, demand drafts, credit/debit cards, electronic fund transfers and mobile wallets.
Q. Where can old Bank notes be accepted till 11th November?
The existing notes of Rs 500/1000 can be used till 11th November, 2016 for payment in any government hospitals, to purchase bus tickets at government bus stands, train tickets at railway stations, air tickets at airports, for purchase of milk, consumable goods at Govt. authorized booths, petrol or diesel or for payment at crematoria and burial grounds or to exchange foreign currency by foreign tourists.