Now in India, you cannot exchange the old currency as it was now a criminal offence to put an old currency. Yes, you can put only upto 5 notes of old currency as a remembrance of it. read more
If your currency is old and damaged, you may want to exchange this currency for newer and usable currency. You may also own notes and coins that are from now-defunct currencies (like the Italian Lira, for example). read more
How NRIs can exchange 500 or 1,000 Rupee Notes Updated Jan 18, 2017: Government of India announced on November 8, 2016 that, starting midnight, ₹500 and ₹1,000 currency notes would be discontinued. read more