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What will you do with your old Rs 500 and Rs 1000 notes?

business Updated: Nov 11, 2016 00:00 IST
Rs 500 and Rs 1000

People lined up outside an ATM to withdraw 100 rupees notes and deposite 500 & 1000 rupees notes in Chennai on Tuesday.(PTI)

In a surprise move the government today declared that Rs 500 and Rs 1000 notes will be illegal from Tuesday midnight.

Here’s what you can do with your Rs 500 and Rs 1000 notes:

Exchange old notes at banks

From November 10 you can exchange them at your nearest bank. But withdrawals from banks are capped at Rs 10000 per day and Rs 20000 per week for the next fortnight.

Bank Timings

To cope with the high demand for exchanging old currency banks will remain open on weekends and holidays. Timings have been extended from 8am to 8pm. Keeping with the likely pressure on banks, manpower has been boosted.

You can also exchange currency at your nearest post office.

ATMs withdrawals

Selective ATMs will be open on Thursday. From Friday withdrawals will be capped at Rs 2000 per day for an individual till November 18, thereafter, the limit will be increased to Rs 4000. The government has assured that banks have been provided with enough liquidity for them to refill ATMs more than once a day.

New currency notes

RBI will issue new currency notes of ₹500 and ₹2000 from November 10. These notes have new design.


For emergencies, the government has allowed hospitals, medical stores, railways, airports, metro rail, ASI monuments and toll plazas to continue to accept the old notes of ₹500 and ₹1000.