Rs 500 rupees and 1000 rupees were banned from Midnight of 8 Nov 2016. You can  deposit your existing rs 500 and 1000 rupees till 30th December 2016. You can exchange your old 500 Rs and 10,000 Rs Note by using Request Slip. The article talks about How to Exchange Rs 500 and Rs 1000 Notes? Also gives the format of Request Slip for exchange of notes.

Exchange Rs 500 and Rs 1000 Notes

1. From 24 November, 2016 you cannot exchange old Rs 500 and Rs 1,000 note from any banks. But you can exchange at RBI offices, given below.
2. The limit has been decreased from the existing Rs 4,500 to Rs 2,000. The reduced limit is applicable from 18th November, 2016.
3. You can use old Rs 500 note at certain place from 24 Nov to 15, December, 2016. List of places where you can use old Rs 500 note are given in image below.
4. Rs 1,000 cannot be used, only thing you can do with these note is to deposit old Rs 1,000 in your bank account only.
5. You can only deposit old Rs 500 and Rs 1,000 note in your bank account and withdraw the desired amount from your bank account through cheque or ATMs.
6. Old Rs 500 and Rs 1000 note can be deposited in your bank account upto 31 Dec, 2016 and after that with RBI branches upto March 2017.
7. Weekly withdrawals limit of Rs 24,000 is unaltered. It mean that maximum withdraw you can do from your bank account in a week is Rs 24,000 only.
8. Reserve bank of India (RBI) has doubled the limit on digital transactions through e-wallet like Paytm from 10,000 per month to Rs 20,000 per month.
9. Daily ATMs withdrawal limit is Rs 2,500.
10. SBI alone has done exchange of Rs 7053 crore between November 10 to November 24th.

Places where old Rs 500 can be used

Exchanges of Old Rs 500 and Rs 1000 is possible at 19 RBI Branches

You can exchange old Rs 500 and Rs 1000 notes from exchanges counter at Reserve Bank Of India (RBI) branches. RBI has 19 branches across the country.  The RBI in its notification has said that exchange facility will be available at their counter ‘upto the current limits per person.’ bankers say that this means that an individuals will exchange upto Rs 2000 person only once as they would apply indelible ink on their finger.

List of 19 RBI branches in India:

Request Form for Exchanging Old Rs 500 and Rs 10,000 notes

Request Slip For exchanging old Rs 500 and Rs 10,000 notes from PNB website  which can be downloaded from here. You can go to any bank (even where you don’t have account) and Post offices.

All bank branches will be open for longer duration on Thur and Friday and will work on Sat and Sunday 12 & 13 Nov also.

For exchanging old notes with new ones, the bank requires you to fill up a few details in a prescribed format and attach a photocopy of your valid identity proof.

While submitting the photocopy of your ID proof to the bank or the post office, make sure that you mention the fact that it’s being submitted for the purpose of exchanging old notes, along with the date. Take this precautionary step to ensure that your ID details are not misused by  anyone.

Form to exchange 500 Rs and 1000 Rs notes

Income Tax  efiling website and Account with Cash Transactions

Many have seen following message in Social Media The moment CASH is deposited into your Bank a/c , the amount will immediately reflect in new WINDOW of the I.T. Department. This is false.

Income Tax department has added a new window in their I.T. E-FILING WEBSITE  Account with Cash Transactions as shown in image below. This was added in September,2016  though yes Govt has announced that details of Cash deposited in Excess of 2.5 lakh during the period 10.11.2016 to 30.12.2016 shall also be sought from the Bank.

Income Tax website account with Cash Transactions

Income Tax department has specified that this is for Bank/Financial Account(s) with substantial Cash Transactions .Only that accounts will be shown in this report in which substantial cash transaction i.e 10 lakh for saving bank and 50 lakh for current account have been made.

This Menu has been created to submit a formal reply to income tax department, where notice has been issued to account holder regarding cash deposit in saving account /current account above the limit specified as above. The answer to above notice is also required to be submitted online account wise from drop down menu only.

Then add any remarks if required regarding that transaction /account.That answer will be updated to assessing officer and on the basis of above information and other information with him ITO will decide further.

Exchange of Notes from 8 Nov to 24 Nov 2016

ATM’s wouldn’t wouldn’t work on 9th and 10th November. And the withdrawal limit is Rs. 2000 only. ATMs will only dispense Rs 100 notes, some will have Rs 50 notes. Surcharge on use of ATMs beyond 5 free transactions has been waived. Many ATMs ran out of cash in couple of hours . Govt advertisement on what you should do with old 500 and 2000 Rs notes is shown in image below.

Govt advertisement on what you should do with old 500 and 2000 Rs notes

• If you are carrying more cash (old notes), you will get up to Rs 4,000 per person in cash (new notes), irrespective of the actual amount, and anything over and above that will be credited to your bank account.  If you are carrying more cash (old notes), you will get up to Rs 4,000 per person in cash (new notes), irrespective of the actual amount, and anything over and above that will be credited to your bank account.
• Exchange of old Rs 500, Rs 1,000 notes worth Rs 4,000 allowed only once till RBI review till 24 Nov 2016 and not Rs 4,000 per day. This implies that the limit of Rs 4000 per person is at one time exchange allowed till this decision is reviewed 15 days from November 8 i.e. on November 22nd.
• High Denomination Bank Notes ( Rs 500  note & 1000 Rs  note) may be deposited by individuals into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016.
• Old High Denomination Bank Notes of aggregate value of Rs 4,000  or below held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of India for any denomination of bank notes having legal tender character, provided a Requisition Slip as per format to be specified by RBI is presented with proof of identity and along with the Old High Denomination Bank Notes. Similar facilities are available in Post Offices.
• The limit of Rs.4,000  for exchanging Old High Denomination Bank Notes at bank branches or at issue offices of Reserve Bank of India will be reviewed after 15 days and appropriate notification issued, as may be necessary.
• There will not be any limit on the quantity or value of Old High Denomination Bank Notes to be credited to the account of the tenderer maintained with the bank, where the Old High Denomination Bank Notes are tendered. However, in accounts where compliance with extant Know Your Customer (KYC) norms is not complete, a maximum value of Rs.50,000 of Old High Denomination Bank Notes can be deposited.
• If you can’t visit the bank due to some reason, just send your representative with an express mandate, i.e., a written authorisation. The representative will be required to produce an authority letter, along with his valid ID proof while exchanging old notes.
• If your relative or friend has an account, you can also get the old notes exchanged into that account, provided the third-party gives you the permission in writing. While exchanging notes, you should provide the bank with the evidence of permission given by the account holder, along with your valid ID proof.

Banks have set up additional counters to change cash and to allow withdrawal from accounts through cheques or withdrawal slips with a ceiling of Rs 10,000 in a day within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) for the first fortnight i.e. up to November 24. Banks have been ordered to remain open on the weekend as well as function late till 9pm for three days to deal with the huge rush.

Queues for Cash Withdrawal

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