Rs 500, Rs 1000 notes scrapped: All you need to know and do in next few days

Prime Minister Narendra Modi, in a televised address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.

Here’s what you need to know and do in the next few days:

Where can I exchange/ deposit my Rs 500 and Rs 1000 notes?

From November 10 till November 30 you can deposit the old notes at your nearest bank or post office.

Proof of identity is required each time you go to banks for exchange and withdrawal of money.

Besides depositing money in bank accounts, the Rs 500, Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24. But the limit of exchange is Rs 4,000 per day.

Withdrawals from banks are capped at ₹10000 per day and ₹20000 per week. This limit will be increased in the coming days.

What are the restrictions on ATM withdrawals?

ATMs will be closed on Wednesday and Thursday. But from Friday you can withdraw money and ATMs will stop dispensing the existing ₹500 and ₹1000 notes.

ATM withdrawals will be restricted to Rs 2,000 per day till November 11, after which this limit may be increased slowly.

Where can I still use my Rs 500, Rs 1000 notes?

Till November 11, the following places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:

--Government hospitals

--Railway, airline, government bus ticket booking counters

--Petrol, diesel and gas stations authorised by public sector oil companies

--Consumer co-operative stores authorised by state or central government.

--Milk booths authorised by state governments