₹500 and ₹1000 notes printed before November 8th 2016 are no longer valid with effect from Nov 9, 2016 as per the new scheme announced by PM Modi
What about the ₹500 and 1000 notes you have in hand? No worries😅 you can exchange such notes at any bank branch, head post offices or sub post offices and at any Reserve Bank of India branch in your city.
Exchange the ₹ 500, ₹ 1000 notes showing ID proof. One can get up to ₹ 4,000 in cash and any amount over and above that being exchanged will be directly credited to your bank account.
You can exchange the old and no longer valid ₹ 500 and ₹ 1000 notes between November 10 and December 30. There is a lot of time, so no need to panic❗
There are NO restrictions on cheques, DD's, card payments, electronic funds transfer🎉
Withdrawals/exchanges through ATMs can be done but time is needed to update the ATM's and hence some ATM's may not function for a short while 😞 Once ATM's are functional, you can withdraw upto ₹2,000 per card per day up to November 18. The limit will be raised to ₹4,000 per day per card then onwards.
Even cash withdrawal through cheque/withdrawal slips is subject to a ceiling of ₹10,000 in a day within an overall limit of ₹20,000 in a week (including withdrawals from ATMs) for the first two weeks till November 24.