Online Procedure For Exchange Rs 500 1000 Notes

Procedure For Exchange Rs 500 1000 Notes

Procedure for exchange Rs 500 1000 notes at post office, Banks are given here online. Post office procedure for exchange Rs 500 1000 Notes after 8 Nov 2016 allowed up to the end of December 2016.  On 08.11.2016, Prime Minister Sri, Narendra Modi in his address the country announced that Rs 500 and 1000 Notes will no longer be legal tender from midnight, 8th November 2016 and that can be exchanged at post offices and banks by the end of December 2016. The procedure was mentioned below:

Procedure For Exchange Rs 500 1000 Notes

Online Procedure For Exchange Rs 500 1000 NotesPrime Minister Narendra Modi announced that existing Rs. 500, Rs. 1000 notes no longer valid from midnight of 08.11.2016, Banks and ATMs closed to public on 09.11.2016. However, notes and coins of all other denomination — Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 — will continue to be legal tender, meaning they can be used to buy products and services.

The Government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation. One has to exchange existing notes with the new notes. The procedure was mentioned below.

Arrangements have been made so that people do not face problems due to this decision.

Temporarily, Notes of five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds.

Procedure For Exchange Rs 500 1000 Notes 

  • One will have 50 days from 08.11.2016 until 30th December 2016 to exchange all these high-denomination notes at post offices and banks. They will get the exact amount in lower denominations when they exchange the currency notes from banks or post offices.
  • They have to provide a valid identity proof such as Aadhaar, PAN card or voter ID card. during exchanging the notes.
  • Those unable to deposit Rs. 1000, Rs. 500 notes by 30.12.2016 for some reason, can exchange it at Reserve Bank of India till March 31, 2017 by providing a declaration and by furnishing ID proof.
  • Use new notes of Rs 2,000 and Rs 500 denomination

Download PM Announcement on Rs 500 1000 Notes 

For more details visit PM official website and download full speech. For more updated details about post office bank Procedure For Exchange Rs 500 1000 Notes  visit RBI official website.