Change Rs 500 and Rs 1000 notes: With PM Modi’s move for demonetization, the masses have become frantic as they dread losing their money. However, there are definite ways through which you can exchange old notes for new ones or for other denomination notes.
Follow these easy steps to Change Rs 500 and Rs 1000 notes for new notes –
First of all, do not lose your cool, your money will remain yours, you just have to follow these simple steps to exchange old notes for new ones or Rs 100 notes.
- Gather your old notes of denomination 500 and 1000 and make sure the total amount of money that old notes sum up.
- Count the number of notes each of Rs 500 and Rs 1000, as you need to write it down on the ‘request slip’.
- There will be long queues in banks, so it would be better if you head out for bank early morning.
- Keep a pen handy with you.
- Carry an identity proof when you go to the bank.
- The time limit to submit old notes is till December 30 this year.
Maximum exchange limit per day is Rs 4000 until November 24 after wich this limit will be increased.
Maximum withdrawal limit of new notes will be Rs 10000 per day and a total of Rs 20000 per week. - The threshold limit for deposit per day ranges between Rs 45000 to Rs 50000.
- In case you do not manage to deposit all the old notes till the end of this year, you can fill up a declaration form and submit it to the nearest designated office of RBI, then you can deposit the old notes until March 31, 2017, at the designated office of RBI.
- Make sure you are submitting the amount of money that is explainable to the Income Tax department.
(Deposit up to Rs 2.5 lakh is exempted from tax and a mismatch will lead to a penalty of 200%)
Highlights – Where & When to deposit old notes –
- In banks, Head post office and sub-post office until December 30, 2016.
- In designated office of RBI during January 1, 2017, to March 31, 2017, after filling up a declaration form.
