Rs 500, Rs 1,000 notes demonetised: What you need to know

Rs 500 and Rs 1,000 notes are no longer legal tender from November 8, 2016, 12.00 midnight, Indian Standard Time.

So what do you need to know and do right now? Here’s a primer:

You have 50 days’ time to exchange/deposit your old notes in banks and post offices and obtain lower denomination notes and coins in return, which will remain legal tender.

Emergency requirements have been taken care of.

Some relaxation has been given by the government for use of these notes for medical emergencies, airport urgencies, etc.

For the first 72 hours from November 8 midnight, which is till November 11 midnight, government hospital will accept these old notes, while pharmacies in the government hospitals will accept these notes along with the doctor’s prescription.

Old notes will be accepted for railway ticket booking and air travel booking for 72 hours.

Additionally, for 72 hours, old notes will be accepted at petrol, diesel and CNG gas stations authorised by public sector companies, as well as at milk booths, crematoriums, and government cooperative stores.

International airports will make arrangements for arriving passengers to exchange up to Rs 5,000 worth of old notes for the new legal tender.

There are no restrictions on electronic fund payments or transfers, including credit and debit cards.

Collect all the currency kept in various places: (i) Wallets (ii) In the house –drawers/safes. (iii) From your lockers in bank if any are kept there.

Collecting from banks would be possible after banks open for public dealing as banks will be closed for public dealing on November 9, 2016.

Separate and take out the Rs 500 and Rs 1000 notes from these. Count and write down the total.

Ideally, make bundles of 50, 100 and a few bundles totalling to the amount that is allowed to be exchanged in the initial days.

Prepare for long queues at banks and post offices from November 10 onward.

From November 10 to 24, old notes up to Rs 4,000 in value can be exchanged.

After November 25, this limit will be raised. You need to take your ID cards along.

Old notes can be deposited in banks or post offices from November 10 to December 30 till the closing of banking hours.

Withdrawal of new notes will be limited to Rs 10,000 per day and Rs 20,000 per week initially.

So use your credit/debit card to shop for a few days.

Also read - Modi scrapping Rs 500 and 1,000 notes is a big, big move against black money