Put it in the bank: Deposit your old notes of Rs 500 or Rs 1,000 in banks or post office accounts. This options is open between November 10 and December 30. There is no limit for the amount you can deposit in banks. However, there will be a limit on withdrawal of money at Rs10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
Get it exchanged: Exchange old notes of Rs 500 and Rs 1,000 at banks or post offices (head or sub offices) by showing your ID proof. You can exchange only upto Rs 4,000 and the last date for this window is 24th November
Other details: No restrictions have been placed on non-cash payments like cheques, DDs, debit or credit cards and electronic fund transfers. RBI notification will explain the fineprint.
Banks, ATMs to be hit: No ATMs will work today. Some of them will also be hit on November 10. There will be a withdrawal limit of Rs 2,000 per day per card which will eventually be increased to Rs 4,000. Banks would be shut for normal operations on Wednesday to handle the upcoming rush to exchange or deposit money.
Where you can use the old notes
- Government hospitals and dispensaries will accept these notes from November 9 till November 11
- The notes can be used to buy train and airline tickets. Government buses will accept these notes for the 72 hours starting November 8, 2016 midnight
- They will also be accepted at petrol, diesel and CNG stations run by public sector companies. Milk booths, ration shops, cooperative shops and crematoriums will also accept them
- International airports will have the facility of exchanging the old notes for foreign tourists and those going to foreign nations till a limit of Rs 5000