Careful, you might get stuck in money laundering issue if you planning to exchange Rs 500/- and Rs 1000/- intelligently. RBI has kept his eyes open and are tracking knowing people are going for following ways to convert there black money:

1) The money will be divided and put in family member’s account across all bank accounts they hold, and since the amounts will be smaller, it should not be an issue. As per the RBI, “You can do that if the account holder relative/friend etc. gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.”

2) Jewelers – Buying of precious metal to convert the black. A small time goldsmith or small local jeweler will simply take your cash and officially sell you an ornament, just that the bill will be back dated, before 9 November, for some extra money. This entirely depends on the relation you have with the jeweler. Or, if you know of jewelers ready to crack a deal with you for extra money, it would work for you. Small-sized jewelery shop owners don’t even ask for your valid IDs like PAN card copies to sell you gold of less than Rs 2 lakhs.

3) Job offer via an email or a pubic chat room – The job description would say it’s financial management work and hence requires you to simply transfer funds, which the fraudster or his agent transfers to your bank account. Of course, these companies/ firm/ enterprise are fake, but they may give you official looking papers to sign or a fake contract.