How to exchange old Rs 500 and Rs 1000 notes in India

Question

Recently the Prime-minister of India has announced the devaluation of notes with Rs 500 and Rs 1000. They will no value after 8th November 2016 midnight. Please suggest valid method to do exchange these notes for valid denomination.

Answer 1

₹500, ₹ 1000 NOTES CEASE TO BE LEGAL TENDER

HERE IS WHAT YOU CAN DO:

• Deposit old notes of ₹500 or ₹1000 in bank or post office accounts from 10th November till 30th December 2016 without any limit.

• There will be a limit on withdrawal of ₹10,000 per day and ₹ 20,000 per week. This limit will be increased in the coming days.

• Exchange old notes of ₹500 or ₹1000 at any bank, head post office or sub-post office while showing ID proof. The limit for this is ₹4000 up to 24th November 2016

• No restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. 

• On 9th November and in some places on 10th November also, ATMs will not work

• In the first few days, there will be a limit of ₹ 2000 per day per card. This will be raised to ₹4000 later.

• Check out RBI notification for more details