Starting from 10th November, 2016 to 31st December 2016 you can deposit or exchange old Rs.1,000 and Rs.500 cash in all Banks and Post Offices. What care we have to take and what documents we have to submit while exchanging or depositing the currency notes?
Let us see the full details of the procedure of deposit or exchange old Rs.1,000 and Rs.500 currency notes.
Documents required for deposit or exchange old Rs.1,000 and Rs.500 cash
1) The Request Slip for exchange of Old High Denomination Bank Notes of Rs.1000 and Rs.500. This will be avialble with your bank or post office. This is how it looks.
Otherwise you can get it by clicking the link of “Download Request Slip for exchange of Old High Denomination Bank Notes of Rs.1000 and Rs.500“.
2) Original Identity Proof like 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.
3) Your old Rs.1,000 and Rs.500 currency notes. Better you count and write the denominations in advance.
Next is to choose where you want to deposit. You can deposit or exchange them in Issue Offices of RBI and branches of commercial banks / RRBS / UCBs / State Co-op banks or at any Head Post Office or Sub-Post Office. I classified this in three categories.
Deposit or exchange old Rs.1,000 and Rs.500 cash in Bank where you have account
If you go to the bank where you have account already, then there is no limit of depositing. However, if your bank account is not KYC compliance, then the maximum you can deposit is Rs.50,000.
Remember that visiting the branch where you have account is not necessary. You can go to any branch of the bank where you have account and deposit the cash.
Deposit or exchange old Rs.1,000 and Rs.500 cash in Bank where you don’t have account
You can also visit the any banks like Issue Offices of RBI and branches of commercial banks / RRBS / UCBs / State Co-op banks or at any Head Post Office or Sub-Post Office where you don’t have bank accounts and still exchange or deposit the old currency notes.
You can either exchange or deposit here also. The maximum limit per person per day is Rs.4,000 for exchange. For this purpose, you have to provide the valid identity proof and the specified form which I mentioned above. However, if you want to deposit into your own bank account, then you have to give the details of the bank account holder (like bank account number, bank name and MICR or IFSC code). Remember the standard NEFT/RTGS fund transfer rules applies in this case of depositing into your bank account from the bank where you don’t have account.
Deposit or exchange old Rs.1,000 and Rs.500 cash in third person’s bank account
You can deposit or exchange the cash in your relative or friends account too. However, for this you must need a written permission from the account holder in whose account you want to deposit or exchange. While exchanging or depositing, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.
Along with above said procedures, you can also deposit in Cash Deposits machines / Cash Recyclers. The limit is as usual Rs.4,000 per person per day.
Hope you got a clarity on this. Now let us see few points which you must know.
- You will get value for the entire volume of notes deposited or exchanged at the bank branches / RBI offices.
- You will get up to Rs.4,000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.
- If you don’t have bank account then by submitting the KYC documents you can open it immediately. Even you can use the Pradhan Mantri Jan-Dhan Yojana for exchange or depositing the old currency notes.
- 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.
- For those who are unable to exchange their old currency 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 RBI.
- If you are currently not in India and holding such old currency notes then, 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 OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving Licence, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff).
- NRIs also can deposit or exchange old Rs.1,000 and Rs.500 currency notes to their NRO account.
If you still facing problem, then you may approach the control room of RBI by email to [email protected] or on Telephone Nos 022 22602201/022 22602944.
Refer recent posts related to the new sudden changes in currencies of India.
- Demonetisation Tax Penalty- Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY)
- How to identify fake 10 Rupee coins?
- Deposit of old Rs.1,000 and Rs.500 notes -Which transactions reported to IT Dept?
- How to identify original or genuine Rs.2,000 and Rs.500 notes?