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Going to the bank to exchange old notes? 4 things you should keep in mind

Now that the legal tender character of the notes in denominations of Rs 500 and Rs 1,000 stands withdrawn, you must be getting ready to visit the bank to get the old currency lying at your home exchanged. While doing so, it's important that you keep a note of some things.

For exchanging old notes with new ones, the bank requires you to fill up a few details in a prescribed format and attach a photocopy of your valid identity proof.

Be cautious
While submitting the photocopy of your ID proof to the bank or the post office, make sure that you mention the fact that it's being submitted for the purpose of exchanging old notes, along with the date. Take this precautionary step to ensure that your ID details are not misused by anyone.

Valid ID proof
You will be required to carry a valid ID proof, which can be in the form of your Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, any other ID card issued by the government. Keep a photocopy of your ID handy with you.

Requisition slip
You will also be required to fill up a 'requisition slip' as per the format specified by the Reserve Bank of India (RBI). A sample can be seen below:

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.

If you are carrying more cash (old notes), you will get up to Rs 4,000 per person in cash (new notes), irrespective of the actual amount, and anything over and above that will be credited to your bank account.

If you can't visit the bank due to some reason, just send your representative with an express mandate, i.e., a written authorisation. The representative will be required to produce an authority letter, along with his valid ID proof while exchanging old notes.

If your relative or friend has an account, you can also get the old notes exchanged into that account, provided the third-party gives you the permission in writing. While exchanging notes, you should provide the bank with the evidence of permission given by the account holder, along with your valid ID proof.
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