Home News FAQ for Exchange of Rs. 500 and Rs. 1000 Bank Notes

FAQ for Exchange of Rs. 500 and Rs. 1000 Bank Notes


Frequently Asked Questions on Exchange of Rs. 500 and Rs. 1000 Bank Notes

Why has the scheme been introduced?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for anti-national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy, hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

What is this scheme?

The legal tender character of the notes in Old High Denominations (OHD) of ₹500 and ₹1,000 have been withdrawn. In consequence thereof withdrawn OHD notes cannot be used for transacting business and/or store of value for future usage.


The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

What are the specifications of the new ₹2,000 and ₹500 denomination banknotes?

₹ 2000 denomination banknotes specification.

The Reserve Bank of India has issued ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with the inset letter ‘R’, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing ‘2016’ printed on the reverse of the banknote. The new denomination has Motif of Mangalayan on the reverse, depicting the country’s first venture into the interplanetary space. The base colour of the note is magenta. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.


(Source: RBI press release dated Nov 08, 2016)



The salient features of the banknotes will be as under:

Obverse (Front)Obverse (Front)Reverse (Back)
1. See through register with denominational numeral 2000
2. Latent image with denominational numeral 2000
3. Denominational numeral २००० in Devnagari
4. Portrait of Mahatma Gandhi at the centre
5. Micro letters ‘RBI’ and ‘2000’ on the left side of the banknote
6. Windowed security thread with inscriptions‘भारत’, RBI and 2000 on banknotes with colour shift. Colour of the thread changes from green to blue when the note is tilted
7. Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right
8. Denominational numeral with Rupee Symbol, ₹2000 in colour changing ink (green to blue) on bottom right
9. Ashoka Pillar emblem on the right
Mahatma Gandhi portrait and electrotype (2000) watermarks
10. Number panel with numerals growing from small to big on the top left side and bottom right side
For visually impaired
Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines and identity mark
11. Horizontal rectangle with ₹2000 in raised print on the right
12. Seven angular bleed lines on left and right side in raised print
13. Year of printing of the note on the left
14. Swachh Bharat logo with slogan
15. Language panel towards the centre
16. Motif of Mangalayan
17. Denominational numeral २००० in Devnagari
Dimension of the banknote will be 66mm * 166mm

₹ 500 denomination banknotes specification

The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘E’ in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India, the year of printing ‘2016’ and Swachh Bharat Logo printed on the reverse of the Banknote.

(Source: RBI press release dated Nov 08, 2016)



The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements; the principal features are –

  • The size is 66mm x 150mm
  • The colour is stone grey
  • Red Fort-an image of Indian heritage site with Indian flag on the reverse

The banknote also has features (intaglio printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines, circle with ₹ 500 in the right, and the identification mark) which enable the visually impaired person to identify the denomination.

How much value will I get for my OHD notes?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

Can I get the entire value of my OHD notes in cash?

No. You will get up to ₹2,000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account..

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

The Scheme of withdrawal of OHD notes does not provide for it, given its objectives.

₹2,000 cash is insufficient for my need. What should I 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, IMPS, Credit / Debit Cards etc. You can download your bank  iMobile and Pockets Apps  fromm Google Playstore.

How do I use the other electronic means of payment like Internet or Mobile Banking?

Internet Banking: Experience ICICI Bank Internet Banking by login using your User id and Password provided at the time of account opening.

You can do host of things anywhere, anytime like fund transfer, bill payment, recharge your mobile/data card/DTH and lots more.

Mobile Banking: Download iMobile, the Mobile Banking app from the Google Play-store from your Android device or App store from your iOS device. You can also SMS iMobile to 5676766 for download or Visit http://mobile.icicibank.com/dl  from your mobile browser.

Enjoy on the go banking services like fund transfer, bill payment, recharge your mobile, DTH, Data Card, rail ticket booking, movie ticket booking and lots more with iMobile.

Pockets: Download and activate Pockets by ICICI Bank app from the Google Play-store from your Android device or App store from your iOS device.

You can download the Pockets app and create your wallet instantly. Fund it instantly using any bank debit card or Internet Banking and it’s ready for use. With Pockets Pay anyone, shop anywhere & bank with ease.

What if I don’t have a bank account?

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

What if I only have a Pradhan Mantri Jan-Dhan Yojana account?

A Pradhan Mantri Jan-Dhan Yojana account holder can avail the exchange facility, subject to the caps and other laid down limits in accord with norms and procedures.

Where can I go to exchange the OHD notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks / RRBS / UCBs / State Co-op banks or at any Head Post Office or Sub-Post Office.

Do I need to exchange the OHD notes at my bank branch only?

For exchange up to ₹2,000 in cash you may go to any bank branch with valid identity proof.

For exchange over ₹2,000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.

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 exceeds ₹2,000.

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

Should I go to the 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 an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

Can I withdraw from an ATM?

Yes you can withdraw from ATM up to ₹ 2,500 per day.

Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of ₹ 24,000 in a week (including withdrawals from ATMs).

Business entities having Current Accounts which are operational for last three months or more will be allowed to draw ₹ 50,000 per week. This can be done in a single transaction or multiple transactions.

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

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 OHD 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 OHD Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the RBI.

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

If you have OHD 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 OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving Licence, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff).

I am an NRI and hold NRO Account, can the exchange value be deposited in my account?

Yes, you can deposit the OHD banknotes to your NRO account.

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

Till the midnight of November 24, 2016, specified banknotes can be used as under:

  • for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor’s prescription;
  • at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets;
  • for purchases at consumer cooperative stores operated under authorisation of Central or State Governments and the customers shall provide their identity proof;
  • for purchase at milk booths operating under authorisation of the Central or State Governments;
  • for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil and Gas Marketing Companies;
  • for payments at crematoria and burial grounds;
  • at international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character;
  • for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.
  • for making payments in all pharmacies on production of doctor’s prescription and proof of identity;
  • for payments on purchases LPG gas cylinders;
  • for making payments to catering services on board, during travel by rail;
  • for making payments for purchasing tickets for travel by suburban and metro rail services;
  • for making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.
  • for making payments towards any fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies;
  • for making payments towards utility charges including water and electricity -which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed.

What is a valid proof of identity?

Valid Identity proof is any of the following: Aadhaar Card, Driving Licence, Voter ID Card, Passport, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its staff.

Where can I get more information on this scheme?

Further information is available at RBI website (www.rbi.org.in) and GoI website (www.rbi.org.in).

If my account is due for Re KYC, how do we deposit OHD in the account?

Account should be updated with KYC with valid documents before deposition of OHD.

Is there any restriction on usage of Debit/Credit Card or mobile transfers?

There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms. Existing limits and guidelines will hold good.

Can I deposit OHD in third party’s account?

The equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation 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.

If I have a problem, whom should I approach?

In case of any requirement, please visit the nearest branch.


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