2016-11-21 Mon

Deposit all your old notes of the denomination 500 and 1000 rupees in banks or post office accounts till 30th December. There is no limit on the amount of money that can be deposited. But income tax notices are being sent to those who deposit cash more than Rupees 2.5 lakhs. However, if you are unable to deposit the cash before the deadline, you can declare the same at RBI offices till 31st March 2017. Initial limit of withdrawal has been set to Rs. 10,000 per day and Rs. 20,000 per week. The limit will slowly but surely be increased going forward.

You can also exchange the money you have at any bank, head post office or sub post office. You will have to produce your valid ID proof while getting your old currency notes exchanged. A maximum of Rs. 4000 can be exchanged in a day up to 24th November.

The withdrawal limit of ATMs has been set to 2500 per day per card, which will be slowly changed to Rs. 4000. For bigger transactions, sticking to card payments (credit cards/ debit cards) is advisable.