How to replace old Rs. 500, Rs. 1000 Notes in Indian Banks, Post Offices

PM Modi has today made shocking announcement by declaring that Rs. 500, 1000 notes will no longer be valid in India from 11/8/2016 midnight. All this is being done to curb black money from India. However it has come as a shock to most of the Indian and they are pretty confused about what to do now. Will they be able to get new valid notes from ATM? Where they can use existing Rs. 500, 1000 notes? Up to when they can exchange existing notes in banks? Which all banks are accepting old Rs. 500 and Rs. 1000 notes? Many other such questions are there which we will try to answer here.

First thing we want to convey is that your money is your's (earned through legal ways) and you don't need to worry about it at all.

Rs. 500, 1000 no longer valid
Rs. 500, 1000 no longer valid

Where and how to replace old Rs. 500, Rs. 1000 notes in India

As per the official statement from PM, from 8th Nov 2016 midnight, Rs. 500, Rs. 1000 will be illegal. Now citizens have 50 days (from Nov 10th) to return the notes to either banks or post offices. As per the estimates, around 1.25 lakh crore black money will be recovered. So you can replace old Rs. 500 and 1000 INR notes at all banks and post offices (starting from 10th November 2016).

For now, existing notes can be used in below scenarios/places:

  • For next 72 hours, Government hospitals will continue to accept old Rs. 500 and Rs. 1000 notes
  • Railway ticket counters, bus booking counters and airline ticket counters will too accept old notes for 72 hours from now
  • Petrol, diesel and gas stations (authorized by public sector oil companies) will accept old notes (for next 72 hours)
  • State/Central Government authorized consumer co-operative stores will accept old notes for next 72 hours
  • State Government authorized mil booths will accept them for 72 hours
  • Crematoria and burial grounds will too accept old notes
Where to use old Rs. 500 Rs. 1000 Notes in India
Where to use old Rs. 500 Rs. 1000 Notes in India

How to exchange old Rs. 500, Rs 1000 notes in Indian Banks and Post Offices

For general information, please note that ATMs will be closed on 9-10 November 2016. Banks will be closed on 9th November 2016 for public (they will be open for internal operations only). You will be able to exchange old notes from 10 Nov onward only.

For now the maximum amount of money (money withdrawal limit) that can be taken out of ATM per day is Rs. 10,000 and Rs. 20,000 per week. This limit will be increased in coming days.

Documents required for exchanging old Rs. 500, Rs. 1000 notes in Indian Banks and POs

Old notes can be exchanged from Nov 10 - Nov 24 from any bank or post office on deceleration of government certificate like PAN card, Aadhar Card, Voter ID card. Limit of transaction will be Rs. 4000 per day.

On November 10, RBI will issue new currency notes of Rs. 500 and Rs. 2000 These notes will have new designs and patterns. Once they are rolled out in market completely, you will be able to withdraw them from all ATMs. Till that time, no ATM will dispense old invalid notes of specified denomination.

Watch Live Video when PM Modi announced that olds notes will no longer be valid:


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Where to use old Rs. 500, Rs. 1000 notes in India
How to replace old Rs. 500, Rs. 1000 notes in Banks
Steps to replace old Rs. 500, Rs. 1000 notes in Banks and Post Offices
ATM limit for old Rs. 500-1000 notes
When new Rs. 500 and Rs. 2000 will come in market
Time limit for replacing old Rs. 500,1000 notes in Indian market

How to use to find helper to stand in ATM queues

Here comes an interesting offer from Indian startup BookMyChotu. They have launched an exclusive service where people can hire helpers who will stand in long ATM queues on their basis. Hiring rate of helper is Rs. 90 per hours and this service is currently limited to UP, Haryana and Delhi only.

In order to hire an ATM helper through book my chotu dot com, you need to register on their official online portal or else you can directly book the helper through direct call to +91 8587028869 mobile number. You will be notified about the confirmation over message or call and once your booking is confirmed you can gyide the helper with ATM address and everything.

Hiring a helper for standing in ATM/bank queues is only one part of the entire portfolio. Through this platform you can hire helpers for various other purpose like shifting, market help, grocery shopping, religious get together etc.

Comapny has clearly said in the official statement that helper in any case will not enter the bank and will simply stand in line till the user wants him/her to.

Do give a try to services about hiring helper for standing in ATM queue and let us know your experience. Helper hiring rates/prices, location, procedure etc is shared already. Do let us know if anything else needed.

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