Here is the FAQ’s Which Explains How You Can Exchange Your Rs.500 & 1 …

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Where you can exchange the notes ?

The notes can be exchanged at any of the 19 offices of RBI.

Any Branch of the Bank.

Head Post Office or Sub Post Office Anywhere.

Is there be any charge for the conversion? 

No. You will get the entire value of the cash deposited.

Can I get all the money at a time when I deposit in cash?

No. You will get up to ₹4000 per person in cash irrespective of your deposit.Anything over and above that will be credited to your bank account.

Why I cannot get the entire amount in cash when I have surrendered everything in cash?

You can’t. Deal with it

₹4000 cash is insufficient for my need. What to do?

You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

I have no account but my relative / friend has an account, can I get my notes exchanged into that account?

Yes, you can do that if the account holder relative/friend etc gives you permission in writing. While exchanging notes, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

Can I withdraw from ATM?

Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹2,000/- per card per day upto November 18. The limit will be raised to ₹4000/- per day per card from November 19 onwards.

Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to a ceiling of ₹10,000 in a day and a overall limit of ₹20,000 in a week (this includes withdrawals from ATMs) for the first 14 days i.e. upto November 24.

Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, Rs 500, 1000 notes can be deposited in Cash Deposits machines / Cash Recyclers.

Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode during this time?

Yes, you can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

How much time do I have to exchange the notes?

The scheme closes on December 30, 2016. The old banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till December 30, 2016. For those who are unable to exchange their notes on or before December 30, 2016, you can submit them at specified offices of the RBI, along with necessary documentation that will later be specified by the Reserve Bank of India.

Source:  Scoopwhoop