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.
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.
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.
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.
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.
If you still facing problem, then you may approach the control room of RBI by email to publicquery@rbi.org.in or on Telephone Nos 022 22602201/022 22602944.
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View Comments
How to change old 500,1000 notes
Dear Midilaj,
Holding old such notes itself ia a crime. I am unsure why you are still holding them.
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
Maruti-Is it accounted MONEY? Then whether it is Rs.2 lakh or Rs.2 Cr, why to worry??
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?
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?
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.
Rakesh-Yes, but never forget to show the same in your IT return.
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
MSM-Yes, you can use the same.
.. 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?
8297959219-Yes you can. Yes, you can report against him or let him show the rule.
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
9885350548-If KYC Process already completed, then you no need to submit the documents.
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
Sam-Obviously second option.
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.
Jain-If your savings account is KYC complied, then ID Proof not required. Otherwise, you must submit the ID Proof.
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......
Samuel-Photocopy is required as proof to retain with them. Showing the original not enough. It is exactly like KYC process.
Thank you, what about people staying in USA and don't have NRO/NRI ACCOUNTS?
Rupen-If they are USA citizen, then why they are holding Indian rupee?
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.
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.