November 10, 2016

How to deposit or exchange old Rs.1,000 and Rs.500 cash?

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?

deposit or exchange old Rs.1,000 and Rs.500 cash

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.

Download Request Slip for exchange of Old High Denomination Bank Notes of Rs.1000 and Rs.500

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.

26 Comments

  1. Hi sir
    I already having 2.3 laks in my account deposited before 8th november 2016
    I want to deposite old
    denomination cash of 2 lak in my account. Is it safe

    Reply
    • Maruti-Is it accounted MONEY? Then whether it is Rs.2 lakh or Rs.2 Cr, why to worry??

      Reply
  2. Hi Basav,

    If I deposit old Rs.500/1000 notes amounting to Rs. 1 lakh in cash to my PPF account in post office, over and above Rs.2.5 lakh limit deposits in old notes in different bank accounts in differnt banks, can I come under scrutiny from Income Tax department?

    Reply
    • Rakesh-Investing in PPF is not an issue. Also, if you used different banks to deposit the cash then it may not be reported by banks. However, if you have accounted money, then why to worry?

      Reply
      • This year I got married and got about Rs. 5 lakhs as cash gift.Under IT Act, cash gift in weddings is exempt from tax.Hence, I hope I would be able to account for deposits over 2.5 lakhs as wedding.

        Reply
        • Rakesh-Yes, but never forget to show the same in your IT return.

          Reply
  3. Sir I must contribute some amount to PPF account this year. can i use old denominations Rs 500 and Rs 1000 to post office as the same is accepted till 30th Dec 2016

    Reply
  4. .. Sir can we deposit money every day some cashier (SBH)rejected saying that he would take weekly once only
    Can we report against him if so whom?

    Reply
    • 8297959219-Yes you can. Yes, you can report against him or let him show the rule.

      Reply
  5. Arunachala om
    Sir is it necessary to submit photo copy of adhar of my daughter who asked me to deposit money when already they have verified and taken the adhar in the beginning of account opening.is there any possibility of abusing it for the exchange of money by the fraud bank staff
    n

    Reply
    • 9885350548-If KYC Process already completed, then you no need to submit the documents.

      Reply
  6. Hi Basavaraj,

    I’d given INR 10 Lacs to a friend due to some emergency at his home. The money was transfered online between my and his bank accounts.

    Now he intends to return that. What is a better option of taking that money back?
    – He giving me old denomination cash and me depositing it in my account, OR
    – He depositing old denomination cash in his bank account, and then making online transfer in my account.

    Thanks for your help
    Sam

    Reply
  7. Is it necessary to give valid ID proof for depositing in our own savings account?..Some banks are asking for ID proofs and some are not asking for proof for depositing in our own savings account.

    Reply
    • Jain-If your savings account is KYC complied, then ID Proof not required. Otherwise, you must submit the ID Proof.

      Reply
  8. I clearly heard the PM saying that we need to produce any of the said documents like
    Adhaar Card
    PAN Card
    Driving License
    Voter ID Card
    Passport
    NREGA Card
    I did not hear the PM saying anything about giving a photo copy of the above documents then why are the banks and post offices insisting on the same. KINDLY THROW SOME LIGHT ON THIS……

    Reply
    • Samuel-Photocopy is required as proof to retain with them. Showing the original not enough. It is exactly like KYC process.

      Reply
  9. Thank you, what about people staying in USA and don’t have NRO/NRI ACCOUNTS?

    Reply
    • Rupen-If they are USA citizen, then why they are holding Indian rupee?

      Reply
      • Not citizens, but just came 6 months ago and planning to return may be after 2 or 3 years.
        The reason for having Indian currency is that if they plan to return then they should have few amount to hire a cab or etc – as no one was aware of such kind of announcement.

        Reply
        • Rupen-You can deposit in your relatives bank account with their written acceptance. But sadly you can’t do that by sitting in other country.

          Reply
  10. Thanks for sharing valuable information! keep it up !

    Reply
  11. This is an useful information! Thank you for sharing with us.

    Reply

Submit a Comment

Your email address will not be published. Required fields are marked *

Share This