How to exchange your 500 & 1000 notes

By this time, all of us are aware of the blitzkrieg move of the Modi Sarkar to demonetise the 500 & 1000 rupee notes and so I am not going to elaborate on that.  Enough has been said and written.  So let’s get down to business

I will share a step-by step process to get your 500 & 1000 notes exchanged in a bank. Currently, you can get upto Rs4000 exchanged in a day by this process.

  1. Please carry the original and photocopy of your id proof.  the accepted proof are Aadhar, Driving license, Voter ID, Passport, NREGA card, PAN Card or any identity card issued by govt dept psu to its staff.  (I am not sure if ration card is an accepted proof because it is not mentioned)
  2. At the bank, you will be given a form like this 5001000form
  3. Fill up this form in full. Collect this form at the entrance.  This is only for exchange and not for deposit.
  4. Also add the serial numbers of the notes you are surrendering in the form.
  5. Give this form with the photocopy of the id proof & show the original id to the staff.  On  the photocopy also write the amount, the purpose and sign before giving id card xerox to banks. This way you can avoid unscrupulous managers/staff using your id for someone else’s exchange. (updated)
  6. If you have an account in that branch/bank, write down the account number and also your mobile number in this form. (At the ICICI Bank branch where I got my money exchanged, there was a separate counter for account holders and non-account holders. the process however is the same)
  7. Once the staff has authenticated the form, the proof and the numbers of the notes, the form is stamped and signed and then given back to you
  8. You can then take the form and the notes to the teller counter where they will give you the amount in 100’s or 50’s depending upon their stock.  This particular branch had only 50’s and so I got a fistful of 50 rupee notes when i came out.  My wallet was so fat and I felt so happy

Overall, the process was smooth and I got my money in about 10 minutes.

Some disclaimers:

a. I am not sure if the same process is applicable in a post office, though

b.  I’m not sure if the tenderer has to come in person or if they will accept it from someone else.

.

 

Advertisements

2 Comments

  1. Ramesh N said,

    November 10, 2016 at 1:19 pm

    Dear Badri,

    The same smooth sailing happened for me too this morning and with the difference that I got a hot cup of Tea also being served by the Manager of the Bank, along with the quick handing over of One Hundred Rupee denominated Notes personally by the Manager of the Bank with whom I bank in Mylapore where I am having my Savings Bank Account since a Teenager !

    Thus Spake The New Age Sage !

    N Ra


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: