How to Exchange and Deposit Old 500 and 1000 Rupee Notes in Banks and Post Office | Deposit and Exchange of Old Notes Form (Rs 500 and Rs 1000) Download and Print
In an unprecedented and historic move, Prime Minister Narendra Modi announced that Rs. 500 and Rs. 1000 notes will be banned in India. This – first time on TV announcement – came from PM Modi after Pakistan violated ceasefire agreements in Jammu and Kashmir. After the recent Uri Attacks by Pakistani terrorists and India’s fitting reply in form of surgical strikes across border, tensions between the two nations escalated. Pakistan started to violate cease fire agreements at several points along Jammu and Kashmir borders.
After a meeting with heads of armed forces of India, PM Narendra Modi addressed the nation on November 8, 2016. This address was televised where PM Modi clearly stated that counterfeit currency notes are not only affecting India’s economy but are also playing instrumental role in promoting and harboring cross-border terrorism.
In order to deal with the problem of black money and also to give a blow to terrorism, this historic move was necessary. He asked the Indian citizens to help by happily accepting this tough decision, which is going to cause some inconvenience for at least 2 days.
What did PM Modi announce?
PM Modi announced that starting midnight of November 8, 2016, the currency notes of denominations Rs. 500 and Rs. 1000 will cease to be a legal tender. They will be reduced to status of useless paper pieces and will not be accepted in any transaction across the nation. Modi stated that this move is a part of fight against black money and terrorism – the two pillars of destruction that have plagued the Indian economy for a very long time.
Process to exchange and deposit Rs. 500 and Rs. 1000 notes in banks and Post Office.
Those who have Rs. 500 and Rs. 1000 notes in hand will have to have them exchanged or deposited. There are two places where these notes can be exchanged or deposited – banks and post offices. For banks, all national and private banks in India have been instructed to have the notes exchanged or deposited. There is no word on whether a person without an account can have such notes exchanged or not. However, the likelihood of that being allowed is very high because anyone who wants the notes to be exchanged needs to carry a valid identity proof. The documents which will be allowed or accepted as identity proof will be:
- PAN Card
- Aadhaar Card
- Voter ID Card
- MNREGA Card
In case of post office, all head post offices as well as sub post offices will allow such exchanges. One thing you need to know about the exchange is that there is limit set for this exchange. One person cannot exchange more than Rs. 4,500 . But you can deposit any amount of rs in Banks and Post Office.
This deposit can be done till December 30, 2016 and those who want to get the money exchanged will have to do so by November 24, 2016. However, those who fail to get the notes exchanged within that time will be given a second chance to have the notes exchanged. However, those availing the second chance will have to physically visit RBI along with a declaration and identity proof to have the notes exchanged. The time frame for this second chance will be March 31, 2017. In case someone fails to comply (that is have the notes exchanged within that extended time frame), no more exchange requests will be entertained and people will simply lose money.
In both Post office and Banks you will have to fill the Exchange or Deposit of old notes form and an ID Proff.
|You can deposit Rs. 500 and Rs. 1000 notes in banks or post offices||Last Date till which this deposit will be allowed: 30.12.2016 (DD.MM.YYYY)|
|You can exchange Rs. 500 and Rs. 1000 notes in banks or post offices||Last Date till which this exchange will be allowed: 24.11.2016 (DD.MM.YYYY)|
|If notes are not exchanged at banks or post offices within November 24, they can be exchanged at RBI||Last Date till which exchange at RBI will be allowed: 31.03.2017 (DD.MM.YYYY)|
|There is an exchange limit set||No more than Rs. 4,500 can be exchanged. (Till 17th November 2016)|
|There is an exchange limit set||No more than Rs. 2,000 can be exchanged.(18th November 2016 Onward)|
So, if you are in possession of these Rs. 500 and Rs. 1000 currency notes, have them exchanged or deposited right away else, you may have to repent.