Old Currency: According to the information, RBI does not recycle old notes i.e. those notes are not reintroduced after closure. The speciality of old notes is that they do not completely dissolve in water nor leave colour. In such cases, they can be used to make other paper items. 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 this Saturday and Sunday to facilitate the exchange and deposit of old notes. old Indian currency
- 1 In Hindi:
- 2 Are you interested in selling or buying antique coins?
- 3 Going to the bank to exchange old notes? 4 things you should keep in mind
- 4 The Prime Minister has announced the following moves as part of the demonetisation of old currency notes:
- 5 I have found some old notes and coins – Can I still spend them?
- 6 FAQs On Old Currency
जानकारी के मुताबिक आरबीआई पुराने नोटों को रिसाइकिल नहीं करता यानि उन नोटों को बंद होने के बाद दोबारा पेश नहीं किया जाता है। पुराने नोटों की खासियत यह है कि ये न तो पानी में पूरी तरह घुलते हैं और न ही रंग छोड़ते हैं। ऐसे मामलों में, उनका उपयोग अन्य पेपर आइटम बनाने के लिए किया जा सकता है। केमिस्ट, भारतीय पुरातत्व सर्वेक्षण स्मारक काउंटर, एलपीजी वितरक और रेलवे कैटरर भी 500 रुपये और 1,000 रुपये के नोटों में भुगतान स्वीकार करेंगे। पुराने नोटों को बदलने और जमा करने की सुविधा के लिए इस शनिवार और रविवार को सभी बैंक खुले रहेंगे। old currency value
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Are you interested in selling or buying antique coins?
After all, the first step is to locate a buyer. Here are a few places where you can get old money:
- Auctions: Auctions are a popular option for both sellers and buyers, especially on online auction sites like eBay. Auctions, on the other hand, require time, and you’re unlikely to make as much money as you would if you sold antique coins elsewhere.
- Pawn shops: Because of their widespread availability, pawn shops appear to be a simple option. They’re simple to locate, and the process is quick. You will almost likely receive less money if you sell or buy to a pawn shop than if you sell or bring it to a private buyer. A pawn shop, on the other hand, is unlikely to employ a skilled antique coin assessor who can accurately assess your coins.
- When it comes to selling and buying antique coins, selling or buying to a private buyer is the finest option. You’ll get the most money for your coin, the process is straightforward, and private vendors and purchasers are knowledgeable in estimating its value. You may be confident that the transaction will be fair if you choose a reliable buyer
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.
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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, or any other ID card issued by the government. Keep a photocopy of your ID handy with you.
You will also be required to fill up a ‘requisition slip’ as per the format specified by the Reserve Bank of India (RBI).
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 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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The Prime Minister has announced the following moves as part of the demonetisation of old currency notes:
- Existing Rs 500 and Rs 1,000 currency notes will not be valid from 8th November midnight
- All banks and ATMs will remain closed on 9th November
- All Rs 500 and Rs 1,000 notes are to be deposited into banks or post offices; from 10th November to 30th December 2016
- 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
- Cash withdrawals from ATMs will be limited to Rs 2,000 per day for some time
- Cash withdrawals from banks to be limited to Rs 10,000 per day and Rs 20,000 per week for some time
- New Rs 500 and Rs 2,000 currency notes to be issued by RBI
- Essential services like government hospitals, burial places; rail bookings and air bookings continue to accept old currency notes for some time
- At international airports, old currency notes of up to Rs 5,000 can be exchanged for the next 72 hours
- 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 this Saturday and Sunday to facilitate the exchange and deposit of old notes
- ATMs will open for operation on Friday and dispense notes; in only Rs 50 & Rs 100 denominations for a few days
I have found some old notes and coins – Can I still spend them?
While there’s no law to say you can’t keep old banknotes as souvenirs, you can no longer spend them in shops, restaurants or to pay for services once they are not legal tender. But you do have options to make them spendable again.
- Take them to your bank
- Take them to the Post Office
- Give your coins to charity
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FAQs On Old Currency
What is the use of old currency?
According to the information, RBI does not recycle old notes i.e. those notes are not reintroduced after closure. The speciality of old notes is that they do not completely dissolve in water nor leave colour. In such cases, they can be used to make other paper items.
How do I find the value of old money?
Search through the sold listings and try to find a bill that has the same characteristics as your old money — condition, errors, etc. Use the sold value of similar items to assess the value of your old note or bill. These steps provide the quickest way for you to determine the value of your old money.
Do old coins have any value?
If you are having any old coin of 25 paise, you can get Rs 1.5 lakh. This may sound strange and funny, but it is true. You can earn the money after selling the old and rare coins to those who love to collect them and are ready to shell out a hefty amount in exchange for the old coin.
What is the price of a 786 note?
The number 786 (Rs 5 Note 786) should be written on this note because it is unique. This note should also have a tractor (Rs 5 Note With Tractor Value). If you have one of these notes, you can exchange it for Rs 2 lakh. The Reserve Bank of India (RBI) released this ‘Extremely Rare Notes India’ note.
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What happened to the old currency in India?
In short, the old banned notes that the RBI received, get shredded and converted into blocks of composite waste, and then sold to cardboard and paper manufacturers as per tenders.
Do banks take old notes?
When it comes to old coinage, some banks will accept them. However, in most cases, you will need to pay them into an account, rather than swap them. And banks may impose a timescale on this. old currency for sale