How can I exchange my old 500 rupee note now?

The old currency notes of Rs 500 and Rs 1000 can now only be exchanged at the offices of the Central banks.

What is the value of old 500 rupees note?

The old 500 rupee notes have been categorized as ‘rare Indian currency’. If you have the note, you should check its serial number. If the serial number has been printed twice, and if it isn’t, you can get up to Rs 5,000 for it.

Can I still exchange 500 rupee notes?

Now that the legal tender character of the notes in denominations of Rs 500 and Rs 1,000 stands withdrawn, you must be getting ready to visit the bank to get the old currency lying at your home exchanged.

What is the number of 500 rupees notes in the economy before Demonetisation?

In terms of volume, the report stated that 24% (around 22.03 billion) of the total 9026.6 crore (90.26 billion) banknotes in circulation were ₹500 and ₹1,000 banknotes. Before demonetisation (November 2016), there were banknotes worth ₹17.97 lakh crore (US$250 billion) in the market.

Where can I sell old Indian notes?

If you have any notes of this series, you can go to websites like eBay, Quikr, CoinBazzar and other similar platforms and collect the price for your particular note there. These websites provide a platform for the auction of rare Indian currency notes and coins.

How do I sell old notes?

Step 1: Open the homepage of websites where you want to sell your old note. You can visit Ebay, Click India etc. Step 2: For selling the note online in an auction, you have to click the photo of the currency note having 12345 or 123456 digits on it. Step 3: Register yourself as a seller on the bidding website.

CAN 1000 RS be exchanged?

After 30th December 2016, Rs 500 and Rs 1,000 notes will be accepted till 31st March 2017 in several RBI branches after taking declaration from RBI.

What country demonetized first?

One of the earliest instances of demonetization can be witnessed in United States where the Coinage Act of 1873 mandated removal of silver in favor of adopting the gold standard as the legal tender. This led to a contraction of the money supply and subsequently a 5-year economic depression in the country.

Who can accept old notes?

Chemists, Archaeological Survey of India monuments counters, LPG distributors and railway caterers will also be accepting payments in Rs 500 and Rs 1,000 notes. All banks will remain open on this Saturday and Sunday to facilitate exchange and deposit of old notes.

What do you do with old money?

Bring your old bill to a retail bank location and ask for it to be redeemed. You don’t need to have an account at a bank to redeem old bills. Alternatively, you can mail your old bill for replacement to the Office of Currency Standards by using Registered Mail, Return Receipt Requested.

What is the cost of 1 rupee note?

The original price of the old 1 rupee bundle is Rs 49,999 but the website is selling it for Rs 44,999 after discount.

What is the text on 500 rupees note?

Printed on the paper banknote is the text ‘Reserve Bank of India’. In 2016, the 500 rupees note was famously cancelled by the Modi government to combat tax evasion. Do you have a 500 Indian Rupees banknote (Gandhi with date)?

Which is the new series of Rs 500 notes?

The design of these notes is similar in all respects to the Rs 500 banknotes in Mahatma Gandhi (New) Series which were first notified on November 8, last year after Prime MInister Narendra Modi outlawed old high value notes of Rs 500 and Rs 1000, in a bid to crackdown on black money.

Are there different denominations of 500 rupees in India?

The Reserve Bank of India issued Indian Rupee banknotes in 12 different denominations, including this 500 Indian Rupees banknote (Gandhi with date). They are part of the withdrawn Indian Rupee banknotes series.

What are the economic implications of the INR 500 note ban?

It is important to note that a significant percentage of the Indian workforce, employed in this sector, is likely to be affected by immediate liquidity issues. Overall, a likely negative impact on disposable income is expected along with disruption in the consumption patterns of the general populace.