Rs 500 and 1000 exchange rules, Withdrawal & Payment limits summary

By | November 11, 2016

Rs 500 and 1000 exchange rules

The Government of India has declared that currency notes of Rs. 500 and Rs. 1,000 denominations will not be valid from midnight of November 8, 2016, citizens will have to surrender the old notes at any branch of a bank or post office to get the new notes.

Brief Summary of Exchange Rules for Exchange of Rs 500 and Rs 1000 Bank Notes

ACTIONS MAXIMUM LIMIT DURATION
Notified Payments allowed with Old Notes (Rs 500/Rs 1000) in Cash (Note-1) No Limit 8th Nov to 11th Nov 2016
Payment with Non Cash Method ( cheques, demand drafts, credit or debit cards, mobile wallets and electronic fund, NEFT, RTGS etc) No Limit 10th Nov 2016 Onwards
Old Notes Exchange (Rs 500/Rs 1000) at Bank Counter Rs. 4000 *10th Nov – 24th Nov 2016**
Old Note Deposit (Rs 500/Rs 1000) in Own Bank Account-KYC Norms Complied No Limit 10th Nov – 30th Dec 2016**
Old Note Deposit (Rs 500/Rs 1000) in Own Bank Account- KYC Norms not Complied Rs 50000 10th Nov – 30th Dec 2016**
Old Note Deposit (Rs 500/Rs 1000) in Bank Account of Another Person/Third party No Limit

(specific authorization of another person required)

10th Nov 2016 Onwards
Limit on Bank Note Withdrawal over the counter of Bank- Daily Rs. 10000 Daily 11 th Nov 2016 Onwards to 24th Nov 2016*
Limit on Bank Note Withdrawal over the counter of Bank -weekly Rs. 20000 Weekly 10th Nov 2016 to 24th Nov 2016*
ATM Note Withdrawal Rs. 2000 Daily 11th Nov 2016 – 18th Nov
ATM Note Withdrawal Rs. 4000 Daily 19th Nov 2016 Onwards
Cashless Online Shopping No Limit 8th Nov 2016 Onwards

* Limit will be reviewed by Bank on 24.11.2016

**any person who is unable to exchange or deposit the specified bank notes in their bank accounts on or before the 30th December, 2016, shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date as may be specified by it

Note-1 :Click for list of Notified payments allowed with Old Bank Note Rs 500-1000 Till 11.11.2016

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  1. Pingback: Govt Deptt can withdraw cash beyond Rs 10000 in exceptional cases : RBI | Tax Heal

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