So Recently few hours ago Modi Government issued the Guidelines on ban 500 or 1000 Rupees from 8th Nov Mid Night. So Let’s Learn now what you have to do with the 500 or 1000 Rupees or How you can change the 500 or 1000 Rupees with the nearby bank or Post office.

How to Change the 500 or 1000 Rupees Note

So before to know about the procedure you have to know about the some important points which explain Our PM in press conference –

-All the Banks will remain closed for the people on 9th Nov to plan about the execution of the this strategy.
-People have to deposit the amount till the 30th December 2016 in any nearby bank or post office which is already in used old notes of 500 or 1000 Rupees.

Note – if some people is not able or not successful by some any reason to exchange their notes till the 30th Dec then they can one more chance after the 30th Dec till the 31st March 2017.

– There is limit on the withdrawal of 10000/- per day or 20000 per week. This limit may be increased in the coming days.
– There is no restriction on any kind of the digital currency like payment via debit card, credit card, net banking or NEFT or RTGS or Digital Wallets.
– on the 9th or 10th Nov ATM will be not worked.
– for the Next 72 Hours till the 11th Nov you can use your cash on these places –

a) You can use at the Government hospitals which will continue to accept old Rs 500, Rs 1000 notes for payment.
b) Railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept old notes for purchase of tickets.
c) Petrol, diesel and gas stations authorised by public sector oil companies
d) Consumer co-operative stores authorised by state or central government.
e) Milk booths authorised by state governments
f) Crematoria and burial grounds

-New Notes of 500 and 2000 will be released soon.

How to Change the 500 or 1000 Rupees Note

Full Speech by the Modi on Press Conference –

So Now Let’s learn how you can exchange or Change the 500 or 1000 Notes at the nearby bank or post office after the 2 days.

How to Change the 500 or 1000 Rupees Note

a) First of all just find a nearby bank or post office or go to where you have your saving or current bank account branch.
b) Just show your Id Proof and relevant documents as Pan Card Copy, Voter id or Adhar Card Copy or Passport or Driving license or Ration Card. PAN Card is the one of the most important valid document for the money transactions because indirectly govt want to accounted all the money indirectly so they can trace the black money.

If you have no pan Card then apply as soon as possible. Even Now banks need pan card in the starting for opening a saving or current bank account.

Note – There is a limit on the Exchange i.e is 4000/- INR till the 24th Nov 2016. so you can’nt exchanged the notes more than 4000/- INR. so this limit may be increased after the 24th Nov.

Procedure to Exchange the 500 and 1000 INR Notes after the 30th Dec 2016

After the 30th Dec 2016 you have to go to Reserve bank of India Centers and have to provide the income declaration in a form with the ID Proofs & you can exchange the Notes of 500/- or 1000/- Rupees.

Here is in this video Some Practical Guide to Understand the Procedure to Exchange 500 or 1000 Rupees Notes in India. Must Watch


Some Tips  –

  • Try the digital currency & pay via cards or digital wallets.
  • Deposit the cash in your account via ATM as soon as possible and do not keep more cash.
  • offline merchant or vendor can apply for the payment gateway service or Card Swipe Machine for the normal transactions or selling.

Hope this article helps you. Below are the RBI Helpline Number from where you get all the instructions and details.

RBI helpline numbers:

– Mumbai 022- 22602201

– Delhi 011-23093230

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