Sharing an important Circular from RBI and GOI, Please do not panic and understand the motive behind this great img-20161109-wa0006initiative:

The Government and keeping in view the need to minimise inconvenience to the public, the following operational guidelines have been issued:-

  1. Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30thDecember, 2016.
  2. Old High Denomination Bank Notes of aggregate value of Rs.4,000/- only or below held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of India for any denomination of bank notes having legal tender character, provided a Requisition Slip as per format to be specified by RBI is presented with proof of identity and along with the Old High Denomination Bank Notes. Similar facilities will also be made available in Post Offices.  Continue reading
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