Exchanging currency at banks today- A quick guide on what you should do

The Rs 500 and 1,000 notes were declared invalid following an announcement made by Prime Minister Narendra Modi on Tuesday.

Bengaluru, Nov 10 D-day kicks in today and there will be a beeline made by the people to get their Rs 500 and 1,000 currency notes exchanged. The Rs 500 and 1,000 notes were declared invalid following an announcement made by Prime Minister Narendra Modi on Tuesday.

When you to to the bank or post office today to get your notes exchanged, here are a couple of things that you should bear in mind. Since today is the first day of the exercise, there is bound to be confusion and chaos at the banks. Stay patient and do not worry if you cannot complete your transaction today. You have time till December 30th.

A few points to bear in mind:

• Do not forget to carry your PAN card. The IT department personnel is watching you.
• Carry with you identification proof as well. The identification proof could be your Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
• From November 11 onwards you will be able to withdraw from ATMs. There may certain issues as the banks would recalibrate their ATMs. Till November 18 you will be allowed to draw a maximum of Rs 2,000 from the ATMs. The limit will raised to Rs 4,000 per card from November 19 onwards.
• You can also deposit your cash at the ATMs.
• A personal visit to the branch is preferrable. If not possible send a representative with an express mandate or a written authorisation. The representative must along with the letter carry with his proof of identity.
• It is advisable to visit your own bank or branch. If you are visiting another bank, carry with you identity proof, your bank account details for electronic transfer of funds if the amount to be exchanged exceeds Rs 4,000.

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