Guidelines has been issued by Indian Banks’ Association(IBA) regarding the exchange of old currency notes Rs.500 and Rs.1000 with new one. All banks requested to public would not rush to banks as it would be possible to deposit /exchange the old Rs.500 and Rs.1000 notes till 30th December 2016 at all the bank branches as per the RBI guidelines. The complete information released by IBA is as follows.
Indian Banks’ Association(IBA) wished to inform the General Public and Bank Customers that all Bank Branchess have made adequate arragements for exchange/deposit of currency note of denominations of Rs.500/- and Rs.1000/- from 10th November 2016 onwards as per notification issued by the Reserve Bank of India.
![Old Currency Notes Rs.500, Rs.2000 Exchanging Bankers Guidelines, Banks Guidelines of Exchange Currency Notes of Denominations Rs.500 & Rs.1000](../images/new_rs500_rs2000.jpg)
There is no need to rush to bank branches as it would be possible to deposit/exchange the notes till 30th December 2016 at the bank branches. The RBI has prescribed the following limits for withdrawals.
Exchange Old Currencies Rs.500/- and Rs.2000/-
- Rs.4000/- per person can be exchanged over the counter from all the branches.
- Rs.10,000/- per day or maximum Rs.20,000/- per week can be withdrawn in cash.
- There is no restriction on transfer of funds from one account to another through any of the electronic modes or cheque.
- There is no limit for Deposit of Old Notes to your bank account.
- In the initial period withdrawal from ATMs will be restricted to Rs.2000/- per day up to 18/11/2016 and thereafter Rs.4000 per day.
- Banks will remain open on Saturday 12/11/2016 and Sunday 13/11/2016.