In a move to curb down on black money, Modi government pulls out Rs 500 and Rs 1000 currency notes from circulation, effective midnight of November 08, 2016.
Deposit old notes of Rs 500 and 1000 in banks or post offices between November 10 and December 30, 2016.
Those who are unable to, can exchange notes till March 31, 2017 at specified RBI offices after furnishing proper declaration.
There will be an initial limit of Rs 10,000 per day and Rs 20,000 per week on withdrawal of money. This limit is to be increased soon.
New high-security Rs 500 and Rs 2000 currency notes to be available in ATMs from November 11, says finance secretary Ashok Lavasa, with withdrawal limit of Rs 2000 per day per card initially, which will be later raised to Rs 4000 per day
Exchange of old notes for cash upto a limit of Rs 4000 possible at any bank or post office by producing valid ID proof.
Arrangements have been made at airports so that travellers entering/leaving the country are not inconvenienced.
Petrol pumps and retail outlets will have to keep every single entry of cash transaction with Rs 500 and 1000 notes till November 11.