Please ‘Note’: How to Exchange Your Old Rs 500, 1000 For New Ones

Here’s the one-stop video on how to exchange your old 500, 1000 rupee notes and get new ones from banks and ATMs.

2 min read

Has demonetisation stumped you? Has the Narendra Modi surgical strike on black money making you sweat? Still confused about how to exchange your old Rs 500,1000 notes into the new Indian rupee? Form bharo, i-card ka copy, long queues at banks – dimaag explode ho raha hai?
Don't worry, hum hai na? I went to several banks today and also took out money for myself. So here's your one-stop solution video.

Ok, you are allowed to exchange your old 1000, 500 rupee notes at any bank – public, private – any. You need to fill a form, which can be downloaded or obtained from all banks. Carry a photocopy of your identity proof – Aadhar card, driving license, voter ID, passport, or PAN card. DO NOT forget to carry the originals.

But there's a limit to how much money you can exchange at one time – Rs 4000.

You simply cannot avoid queues over the next few days. So go to the bank knowing that you will have to spend some time there. It took me more than an hour.

A good idea is to go to your own branch and just deposit all the cash you have in your own account. There's no limit there. But for deposits over Rs 40,000, you will have to provide your PAN. Once you have deposited the cash in your own account, you can withdraw money in new currency either from ATMs, or through cheques or withdrawal slips.

Only State Bank ATMs will allow you to take out 4000 rupees per day. Other ATMs will dispense a maximum of 2000 a day.

Yes, new 500 and 2000 rupees notes are not available at all banks. Also getting change for 2000 is a little difficult, as the new 500 notes are not still in circulation. But things will get sorted over time.

So there, we've given you the ultimate how to 'paisa vasool' lowdown.

Pssst... go to the bank early if you want more of those elusive 100 rupee notes. They get over like hotcake.

Camera: Ajay Rana

Video Editor: Percy Bharadwaj

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