Thursday, 10 November 2016

Request Slip for the Exchange of Old Banknotes of Rs 500 and Rs 1000 denominations

Citizens have two options after the abolishment of Rs 1000 and Rs 500 banknotes, to get rid of them provided by the Government. They can either:
  1. Deposit old Rs 500 and Rs 1000 notes into their bank accounts.
  2. Exchange old Rs 500 and Rs 1000 notes.

People need not worry about the existing old notes with them. They can easily visit their nearest branch of any bank and either deposit the amount or exchange the old notes. They can visit their nearest branch by December 30, 2016. Citizens have altogether a period of 50 days, within which they can get rid of the old notes. After 30th of December only selected branches of Reserve Bank of India would be accepting the old notes.

There are two places where the old notes can be exchanged or deposited, Banks and Post offices. All National and Private banks of India have been instructed by the RBI to provide these facilities to the public. The person demanding exchange should have a valid Identity proof with them. They can either carry a PAN Card, Aadhaar Card, Passport or Voter ID Card.

Definitely, an account in the bank is not needed for the exchange of the old notes, as many of the citizens won’t be having any account. Post offices will also be accepting such exchanges. A person cannot exchange more than a value of Rs. 4000. People can exchange the old notes till November 24, 2016.

Talking about the deposit facility, it can be done until December 30, 2016. You can easily deposit the old banknotes to your account. The equally valued amount will be readily credited to your account. There is no limit for depositing the old banknotes to your account.

You May Also Like: How to Exchange Money after Ban of Rs. 500 and Rs. 1000 Notes?

After 30th December 2016 all banks won’t be providing these facilities anymore. People need to visit selected branches of Reserve Bank of India to exchange the old banknotes after 30th December 2016. You can visit those selected RBI branches within March 31st, 2017. No old banknotes would be entertained after March 31st.

Given below is the Request slip for Exchange of 500 and 1000 notes:

Name of the Bank
Name of the Tenderer (In capital Letters)
Identity Proof Original to be shown at the counter (Tick the one applicable)
Identification Number (Number mentioned in the Identity Proof submitted)
Details of Old High Denomination Bank Notes submitted for exchange
No of Pieces
Rs. 500
Rs. 1000
Total value in words:
Signature of Tenderer

People can withdraw cash from their bank account through the cash counters. The withdrawal shall be restricted to Rs 10000 per day. And an overall limit of Rs 20000 a week. There is no restriction on the usage of any non-cash operations. Facilities like Debit, Credit cards, also online transactions like NEFT, RTGS, IMPS and more!

Withdrawal from ATMs is restricted to Rs 2000 per day per card up to 18th November 2016. The limit will be raised to Rs 4000 per day from 19th November 2016.

The Rule has no doubt created a discomfort and an environment of panic among the people. But this discomfort is temporary. The benefits through this rule and the advantages are long termed.

1 comment:

  1. Well done you have done a good job of sharing this information in here. This is vital for any Id card manufacturer in chennai. Thanks a ton.