Mums, here's how you can exchange your 500 and 1000 rupee notes!

Mums, here's how you can exchange your 500 and 1000 rupee notes!

There are many Indian housewives who save and keep money from household expenses to use in an emergency. If you are one of them, here's what you should know.

“I have 60,000 rupees in cash at home that I saved this year; I don’t know how to exchange it,” said my worried mother as I called her up this morning after the historic decision taken by the Indian Prime Minister, Narendra Modi, to ban 500 and 1000 rupee notes.

My mother has always been a great saver, so much so that all of us would turn up to her in times of a financial crunch and, most of the times, she would have more than what our requirement was.

There are many Indian housewives who like my mother save every bit of the money that they get for household expenses from their husbands so that they can use it times of an emergency or when they want to buy something expensive for themselves, their kids, relatives or their homes. My mother-in-law is also one of them and so are my friends and sisters.

And this is not it. There are several other middle-class Indian housewives who save money for their luxurious expenses through kitty parties. Popular journalist Prabhu Chawla was right when he Tweeted this message:

 

While many people were seen queueing outside ATMs to withdraw as much cash as they want before the clock struck 12, some were clueless on what to do with the money that they already have at home. But fret not, here’s how you can exchange your 500 and 1000 rupee notes.

How to exchange your 500 and 1000 rupee notes

As it is commonly known, after this decision by the Indian Prime Minister the currency notes of these two denominations have become invalid, but they can be exchanged at any bank and even post offices. Here are some key points to keep in mind:

newcurrencyinside

[Image courtesy: www.instagram.com/amitdas0809/?hl=en]

1. ID Proof is necessary: You can exchange your old currency notes at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office by showing your identity proof such as aadhaar card, PAN card, passport and voter ID cards.

2. Old currency notes will be accepted here for the next three days: For the next three days (November 9 to November 11 midnight), including today, government hospitals and petrol pumps would accept your Rs 500 and 1000 notes. So if you were thinking of getting some major blood scans or checkups done, now is the time.

3. Time period for exchange: The old currency notes can be exchanged within a period of 50 days, from November 10 to December 3o. You can also deposit the money in the bank or ask for lower denomination currency notes at your bank or other banks from November 10 to November 24. The daily limit of exchange is Rs 4000.

Continue reading on the next page to know how much money can you withdraw at one time!

4. How much money you can withdraw/exchange: ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts can only be Rs 10,000 a day and Rs 20,000 a week. There are no such restrictions on card payment, cheque, demand draft, electronic funds transfer.

5. If you don’t have a bank account: Well, in that case, you will have to open a bank account with a bank of your choice by submitting the necessary documents and then deposit/exchange the money there. You can also go to any branch of any other bank with a valid identity proof for exchange in cash. However, that value should not exceed 4000 rupees.

6. If you need more information on this scheme: Visit the Reserve Bank of India website, in case you need more information and can also seek help. ( and Government of India website

This simple video by the Indian Express explains how to exchange your old notes easily at the banks:

Also Read: 8 businesses a stay-at-home mum can run with minimum investment

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[Main image courtesy: Instagram]
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