To tackle the menace of black money, PM Narendra Modi on Tuesday 8 November  2016 announced that Rs 1,000 and Rs 500 denomination notes are being withdrawn from midnight. The PM said that such notes will become “mere paper”. He said that the step was taken to control the menace of black money in the country,  that has sapped the economy.

Here are ten points to note down

1. Deposit old notes of  Rs.1000 and Rs. 500 in banks or post office accounts from 10 November to 30 December 2016 without any limit. There will be a limit on withdrawal of Rs.10,000 per day and Rs. 20,000 per week. This limit will be increased in the coming days.

2. Must carry PAN Card and Aadhaar Card  when you go to exchange notes. The limit one can exchange is Rs. 4000 up to 24 November.  After 30th December these can be changed at the Reserve Bank of India.

3. For another 72 hours that that is till  11 November government hospitals will accept Rs 1000 and Rs. 500 notes but a doctor's prescription must be carried with such notes.

4. These notes will be allowed till 11 November at petrol stations authorised by public sector oil companies, crematoria as well as burial grounds and milk booths

5. Counters for the railway, air tickets and bus and will accept these notes for another 72 hours for the purchase of tickets.

6. Deposit old notes of Rs 1000 and Rs 500  in banks and post offices in between 10 November and 30 December 2016.

7. Those who are not able to deposit the notes can exchange notes till 31 March  2017 at specified RBI offices while  furnishing proper declaration.

8. For the withdrawal of the money, there will be an initial limit of Rs 10,000 per day and Rs 20,000 per week. But this limit is to be increased soon

9 Notes lower denominations like Rs.100, Rs 50, Rs 20, Rs 10, Rs 5 and coins will continue to be legal tender.

10.There will be no problem for online transactions and card payments. It will not be affected.

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