The Rs 500 and Rs 1,000 notes are no longer valid as a legal tender in India. In short, they cannot be used to buy stuff. Here are ways in which you can exchange your Rs 500 and Rs 1,000 notes, with the timeline and places where you can do so.
The limit and places where you can exchange
You can deposit the Rs 500 and the Rs 1000 notes at the bank or post office from November 10 to December 30. However, there is a limit for exchange , which is at Rs 4,000. After December 30, you can approach the RBI with these notes.
Remember to take PAN card
Do not forget to take your Aadhaar card and PAN Card when you go to exchange notes. Otherwise, you would be denied exchange or credit.
Select places that will accept
The 500 and 1000 rupee notes will be accepted till November 11 at petrol pumps and government hospitals, railway bookings, airline, government bus ticket booking counters. It will also be accepted at
consumer co-operative stores run by state or central government.
There will be no changes in other instruments like cheques, DD or payment via credit or debit cards. In fact, the usage of all these instruments are likely to surge in the next few weeks.
Tourists can change the notes at airports.
The Government of India has decided on Tuesday that the Rs 500, Rs 1000 notes will no longer be legal tender from midnight, 8th November 2016. This move will help in the fight against corruption, black money, money laundering, terrorism and financing of terrorist activities.