5 things to know before you go to the bank to exchange Rs 500, Rs 1000

Days after the government scrapped Rs 500 and Rs 1000 notes, the banks on Thursday started the process of exchanging the old currencies with new ones.

The government and banks have also placed some formalities that you have to go by in order to get your money exchanged.

Here are few important things that you should keep in mind before visiting the banks:

• Carry a valid identity proof. And, the valid identity proof is any of the following: Aadhaar card, driving license, voter ID card, passport, PAN card, identity card issued by the government, public sector unit to its staff.
• You need to fill up a few details in a prescribed format and attach a photocopy of your identity proof for exchanging the scrapped notes. Before submitting the photocopy of your ID proof to the banks, self-attest it with the date and also mention that it's being submitted for the purpose of exchanging old notes.
• If you do not have any bank account, don't panic. You can use your friends and relatives' account to exchange the old notes. However, you have to take their permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.
• Prefer to visit the branch personally. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.
• In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.