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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