A few points on what, why and how of the big change
1. Banknotes of Rs 500 and Rs 1,000 have ceased seized to be legal tenders for transactions. The notes in circulation can be deposited in post offices or banks where you have accounts by December 30.
2. There is no limit on the deposit amount but those above Rs 2.5 lakh could attract tax and a 200% penalty in case of income mismatch, the government has said.
3. A sum of Rs 4,500 can be exchanged over the counter at any bank branch or post office with a valid identity proof ---- passport, Aadhaar card, driving licence, voter card and PAN card etc.
4. You can withdraw up to Rs 25000 in a week (including withdrawals from ATMs) through a withdrawal slip or a cheque up to November 24, after which the limits could be reviewed.
5. Banks will work an extra two hours on November 10 and 11. They will also be open for business over the weekend.
6. There is no restriction on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfers.
