With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating Black Money which casts a long shadow of parallel economy on our real economy, it has been decided to cancel the legal tender character of the High
Denomination bank notes of Rs.500 and Rs.1000 denominations issued by RBI till now. This will take effect from the expiry of the 8th November, 2016.
Download Request Slip for exchange of Old Bank Notes. Up to 30-12-2016 old notes of 500 and 2000 can be deposited or exchanged from banks
Download Request Slip for exchange of Old Banknotes
For exchanging Rs 500 and Rs 1,000 notes, the person is required to carry a request slip with details filled in. Here is the sample of the slip. You can downlaod the official Request Slip from here.
Facility for Exchange of old bank notes of Rs. 500 and 2000. The old bank notes held by a person may be exchanged at:
any Issue Office of the Reserve Bank or
any branch of public sector banks,
private sector banks,
Regional Rural Banks,
Urban Cooperative Banks and State Cooperative Banks
1. Why is this scheme 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 antinational 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.
2. What is this scheme?
The legal tender character of the existing bank notes in denominations of Rs500 and Rs1,000 issued by the Reserve bank of India till 8 November 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence, thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. These Bank 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.