After the RBI Ban on Bank Notes of Rs. 500 and Rs. 1000 RBI has issued guideline and format for exchange of such old Bank Notes of Rs. 500 and Rs. 1000 which are as follows:-
(i) the specified bank notes of aggregate value of ₹ 4,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity; the limit of ₹ 4,000/- for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of this notification and appropriate orders may be issued, where necessary;
(iii) there shall not be any limit on the quantity or value of the specified bank notes to be credited to the account maintained with the bank by a person, where the specified bank notes are tendered; however, where compliance with extant Know Your Customer (KYC) norms is not complete in an account, the maximum value of specified bank notes as may be deposited shall be ₹ 50,000/-;
(iv) The equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity;
(v) the equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indicated in Annex-5;
Annex-5
Request Slip for exchange of Old Bank Notes in denominations of Rs. 500/- and Rs. 1000/-
| Name of the Bank | |||
| Branch: | |||
| Name of the Tenderer (In capital Letters) | |||
| Identity Proof Original to be shown at the counter (Tick the one applicable) | |||
| Identification Number (Number mentioned in the Identity Proof submitted) | |||
| Details of Old High Denomination Bank Notes submitted for exchange | Denomination | No of Pieces | Value |
| Rs. 500 | |||
| Rs. 1000 | |||
| TOTAL | |||
| Total value in words: | |||
| Signature of Tenderer |
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| Place:
Date: |
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currently Rs. 10000/-
For Offices what is the withdrawal limit