Prime Minister Narendra Modi made a key announcement of demonetising high-value currency notes. However, there will not be any change for other notes. The Rs 500 and Rs 1000 notes will only be worth the paper they are printed on.
Even as the PM asked people to not panic, minutes after the announcement that notes were effectively invalid from midnight, people thronged their nearest ATMs.
However, if you have these notes then you can exchange them within 50 days i.e; from 10th November to 30th December 2016. Besides depositing money in bank accounts, the Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices by presenting any of the government ID proofs.
Form To Exchange Old Rs. 500 & Rs. 1000 Notes:
Finance Secretary Ashok Lavasa also tweeted out an infographic explaining where to exchange currency notes.
Ashok Lavasa Tweet:
FYI pic.twitter.com/SWDzT7EEas
— ashok lavasa (@AshokLavasa) 9 November 2016
ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. However, there are no restrictions on card payment, cheque, demand draft, electronic funds transfer.