Prime Minister Narendra Modi on Tuesday announced drastic measures to curtail black money, declaring Rs 500 and Rs 1,000 currency notes as illegal from midnight.
The government will issues new Rs 500 and Rs 2,000 notes soon, he said.
Banks have been ordered closed on Wednesday, November 9.
A look at what it means for you:
- You can deposit old Rs 500 and Rs 1,000 notes in banks/post office accounts from November 10 till December 30, 2016, without any limit.
- There will be a limit on withdrawal from banks and post offices to Rs 10,000 a day, and Rs 20,000 a week.
- The limit will be raised in the coming days. You can exchange Rs 500/Rs 1,000 notes at any bank, post office or sub post office, showing ID proof, till November 24, 2016. The limit for this is Rs 4,000.
- ATMs will not work on November 9 (Wednesday), and in some places on November 10.
- Withdrawals from ATMS will be limited to Rs 2,000/day per card. This will be raised to Rs 4,000 later
- For 72 hours, the following services will accept Rs 500/Rs 1,000 notes:
- Government hospitals, Railway ticket booking counters, government buses and ticket counters at airports.
- Petrol, diesel and gas stations authorised by public sector oil companies.