Starting from midnight 8 November 2016 all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series ceased to be a form of legal tender after a televised address to India by Prime Minister Narendra Modi.
Can you still exchange old 500 rupee notes in 2020?
The old currency notes of Rs 500 and Rs 1000 can now only be exchanged at the offices of the Central banks. … People can also deposit their old notes in their bank accounts till the 30th of December without revealing the source of income.
What is the cost of old 500 rupee note?
The notes have become antique and rare now after over four years of demonetization. The Rs 500 notes carrying printing mistakes are now being sold at prices up to Rs 10,000. RBI prints the notes carefully which ensures that the notes will have a fixed pattern and other details in a proper format.
How do I verify a 500 note?
Let’s take a look at the features of ₹500 currency notes:
- See-through register with denominational numeral 500 is present on the extreme left side of the ₹500 note.
- Latent image with the denomination numeral 500 is visible.
- The new feature is the introduction of numeral value in the Devanagiri script.
What should I do with old notes?
At your bank
If you have a UK bank account, the simplest and quickest way to exchange your notes will normally be to deposit them with your bank. The Post Office Opens in a new window may also accept withdrawn notes as payment for goods and services, or as a deposit into any bank account you can access with them.
Are old 10 notes still accepted?
The old £10 note went out of circulation officially at 11.59pm on March 1, 2018. However, old notes can still be exchanged at the Bank now that this point has passed. Although the new tenners came in last year until the deadline the paper money continued to be legal tender so could be spent freely.
What can I do with old 1000 rupee notes?
What should I do if I have currency in Rs 500 and Rs 1,000 notes? You can deposit these notes into your bank accounts or they can be exchanged at bank branches till 30th December 2016. Bank notes of the combined value of Rs 4,000 only can be exchanged. Similar facilities will also be made available at Post Offices.
How do I exchange old notes in 2020 RBI?
Exchanging old notes
You need not visit the branch of the bank where you have an account in. If you want to exchange up to Rs 4,000 in cash, you can simply go to any bank with a valid ID proof. This limit of Rs 4,000 for exchanging old notes will be reviewed after 15 days.
Is 1000 rs note banned?
On 8 November 2016, Prime Minister Narendra Modi announced that “Starting from midnight 8th November 2016 all ₹1000 banknotes of the Mahatma Gandhi Series will not be accepted as a form of legal tender“, although new ₹500 and ₹2000 banknotes of the new Mahatma Gandhi New Series were unveiled.
How can you tell a fake note?
– Contact the police or take the note to your bank as a suspect counterfeit. On the front of the polymer notes (the side with raised print), the value can be identified by the number of clusters of raised dots in the top left corner.