All you need to know about the withdrawal of the old Rs 500 & Rs 1000 notes
Sai Krishna Muthyanolla
November 8, 2016
Worried about the withdrawal of the old Rs 500 and Rs 1000 notes? Here is all that you need to know.
The Government of India took everybody by surprise by withdrawing the legal tender status of the existing Rs 500 and Rs 1000 notes. In simple terms, the old notes will no more be valid and cannot be used in any transactions. Here is a dummy’s guide to all your questions about this development.
What happens to the old notes with citizens?
The government has notified detailed rules for exchange and deposit of the old notes with citizens and organizations. The following are the rules for Exchanges & Deposits.
Exchanges
The specified bank notes held by a person may be exchanged at any Issue Office of the Reserve Bank or any branch of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banks up to 30th December, 2016 subject to the following conditions
Deposits
The following rules will govern the deposits.
Cash Withdrawal at Bank Branches
ATM Withdrawals
Are there any exceptions?
For the convenience of citizens, the government had notified certain agencies that can still accept the old notes till 11th November, 2016.  The following agencies are authorized to accept the old notes only from 09th November, 2016 to 11th November 2016. They also have to keep a stock of the sales during these dates.
What happens if the notes are not deposited or exchanged by December 30th, 2016?
Any person who is unable to exchange or deposit the specified bank notes in their bank accounts on or before the 30th December, 2016, shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date.
Closure of Banks & ATMs
Every banking company and every Government Treasury shall be closed for the transaction of all business on 9th November, 2016
All ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash shall be shut on 9th and 10th November, 2016.
Introduction of the new Rs 500 & Rs 2000 notes
The RBI has also introduced a new series of Rs 500 and Rs 2000 notes that will be brought into circulation immediately.
Dedicated Helpline of the RBI
One may approach the control room of RBI by email or on Telephone Nos 022-22602201/022-22602944.
RBI has also put up a list of FAQs for everybody to read up.