You can convert these notes by deposition amount in your bank account and there is no limit to it, though deposits over 2 lakh will attract tax and penalties. Will cover more on tax and penalties in coming days once we have more clarity on this matter.
You can get your cash converted in new currency and the daily limit which is currently set is upto Rs 4000/-.
How to exchange 500 and 1000 notes in bank?
You can get your currency converted from any bank branch or post offices all you need to carry is a valid photo id proof and the form for conversion of this currency.
You are supposed to carry an original identity proof, like Aadhaar Card, Driving Licence, Voter ID Card, Pass Port, NREGA Card, PAN Card, etc. You will have to present it before the bank clerk or designated officer along with the form. (Once the form opens right click and save it).
You can also get this form at the bank branch or at the post office so you don’t need to worry.
Banks will be open over the weekend.