Prime Minister Narendra Modi on Tuesday announced fierce measures to obstacle black money and also declaring Rs. 500 and Rs. 1,000 currency notes as illegal from midnight.

The government will issue new Rs. 500 and Rs. 2,000 soon. Banks were ordered closed Wednesday, 9 November.

That means:

  • You can deposit old Rs. 500 and Rs. 1000 notes by banks after November 10 to 30 December 2016, without any limit.
  • You can redeem Rs. 500 / Rs. 1000 notes in all banks, post office or at the post office in showing proof ID, until November 24, 2016. The deadline for this is Rs. 4,000.
  • There will be a limit on the withdrawal of banks and post offices to Rs. 10,000 per day and Rs. 20,000 per week. The limit will be raised in the coming days.
  • ATMs will not work on November 9 (Wednesday), and in some places 10 November.
  • Withdrawals from ATMS will be limited to Rs. 2,000 / day per card. This will be increased to Rs. 4,000 later

Following services are accept Rs. 500 / Rs. 1000 Notes for 72 hours:

  • Public hospitals, public buses, airport ticket counters and railway ticket booking counters.
  • petrol, diesel and gas oil companies authorized by the public sector.
  • Consumer cooperative stores licensed by the state or the central government, milk booths authorized by the government and state crematoriums and burial sites.