We’ve simplified it down for you so that there’s no doubt of what you need to do: 

So where can the notes be changed?

The notes can be exchanged 

• at any of the 19 offices of the Reserve Bank of India 
• any of the bank branches 
• any Head Post Office or Sub-Post Office.

Will there be any charge for the conversion? 

No. You get the entire value of the cash deposited

Can I get all the money I deposit in cash?

No. You will get up to ₹4000 per person in cash irrespective of your deposit. Anything over and above that will be credited to your bank account.

Why can’t I get the entire amount in cash when I have surrendered everything in cash?

You can’t. Deal with it

₹4000 cash is insufficient for my need. What to do?

You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

What if I don’t have any bank account?

You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

What if I have only Jan Dhan Yojana account?

A Jan Dhan Yojana account holder can avail the exchange facility subject to the limits laid down.

Do I need to go to my branch only?

• For exchange upto Rs 4000 in cash you can go to any bank branch with valid identity proof.
• For exchange of over Rs 4000, which will be put in your bank account only, you have to go to the branch where you have an account or to any other branch of the same bank.
• In case you want to go to a branch of any other bank where you do not have an account, you will have to give valid identity proof and bank account details required for the electronic fund transfer to your account.

What is valid proof of identity?

Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

Can I go to any branch of my bank?

Yes, you can go to any branch of your bank.

Can I go to any branch of any other bank?

Yes, you can go to any branch of any other bank. 

In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged is above Rs 4000.

I have no account but my relative / friend has an account, can I get my notes exchanged into that account?

Yes, you can do that if the account holder relative/friend etc gives you permission in writing. 

While exchanging notes, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

Should I go to bank personally or can I send the notes through my representative?

Personal visit to the branch is preferable. 

In case it is not possible for you to visit the branch you may send your representative with a written authorisation. The representative has to produce an authority letter and his / her valid identity proof while submitting the notes.

Can I withdraw from ATM?

Not immediately. It may take a while for the banks to recalibrate their ATMs. 

Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹2,000/- per card per day upto November 18. 

The limit will be raised to ₹4000/- per day per card from November 19 onwards.

Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to a ceiling of ₹10,000 in a day and a overall limit of ₹20,000 in a week (this includes withdrawals from ATMs) for the first 14 days i.e. upto November 24.

Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, Rs 500, 1000 notes can be deposited in Cash Deposits machines / Cash Recyclers.

Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode during this time?

Yes, you can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

How much time do I have to exchange the notes?

The scheme closes on December 30, 2016. The old banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till December 30, 2016.

For those who are unable to exchange their notes on or before December 30, 2016, you can submit them at specified offices of the RBI, along with necessary documentation that will later be specified by the Reserve Bank of India.

I am right now not in India, what should I do?

If you have banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. 

The person so authorised has to come to the bank branch with the banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to ₹5000 using these notes at airport exchange counters.

I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.