Where can I get the new currency notes?
RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards. These notes will have new design.
Where can I exchange/ deposit my Rs 500 and Rs 1000 notes?
From November 10 till December 30 you can deposit the old notes at your nearest bank or post office accounts without any limit. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
You can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24.
Documents Required to Exchange old Notes?
As made clear by PM that exchange of older notes can be done at post-offices and banks by mandatorily presenting any government-issued identity cards including Pan Card, Aadhar Card, Voter ID Etc.
Banks will remain closed on November 9 allowing them time to cope with the new directive.
There is no restriction of any kind on non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer.
What are the restrictions on ATM withdrawals?
ATMs will not work on November 9 and in some places on November 10. But from November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.
Rs 4,000 cash is insufficient for my needs. What do I do?
You can use the balance in your bank accounts to pay for other requirements by cheque or through electronic means of payment such as internet banking, mobile wallets, IMPS, credit/debit cards etc.
Where can I still use my Rs 500, Rs 1000 notes?
Till November 11, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:
–Railway, airline, bus ticket booking counters
–Petrol, diesel and gas stations authorised by public sector oil companies
–Consumer co-operative stores
–Crematoriums and burial grounds