Your 500 and 1,000 rupee notes will be worthless bits of paper this 9th morning and you can replace them with new ones in banks from 10th Nov. But don’t panic! You won’t lose out if you follow these instructions from the Reserve Bank of India.
1. What is this scheme?
The legal tender character of the notes in denominations of ₹ 500 and ₹ 1000 stands withdrawn. The withdrawn old high denomination (OHD) notes cannot be used for transacting business or as a store of value. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India, any bank branch or head post office/sub-post office.
2. How much value will I get?
You will get the entire value for the volume of old notes exchanged.
3. Can I get all in cash?
No. You will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be credited to your bank account.
4. ₹4000 cash is insufficient for my needs. What do I do?
You can use the balance in your bank accounts to pay for other requirements by cheque or through electronic means of payment such as internet banking, mobile wallets, IMPS, credit/debit cards etc.
5. I don’t have a bank account?
You can always open a bank account with the necessary documents for fulfilling the KYC requirements.