War on black money | Rs 500, Rs 1000 notes scrapped: Here's what you should do

In a surprise announcement on Tuesday, Prime Minister Narendra Modi said Rs 500 and Rs 1000 currency notes would be scrapped starting midnight.

Instead, the government will issue new Rs 500 and Rs 2000 notes.

But, do not panic!

Here are things you can do with the old money notes that you have:

# Deposit old notes of Rs 500 or Rs 1000 in banks or post office accounts from November 10 till December 30, 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.

# Exchange old notes of Rs 500 or Rs 1000 at any bank, head post office or sub-post office. Compulsory ID proof is required for this transaction. The limit for this will be Rs 4000 upto November 24.

# No restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.

# On November 9 and in some places on November 10 also, ATMs will not work. In the first few days, there will be a limit of Rs 2000 per day per card. This will be raised to Rs 4000 later.

Here is what you can do. #IndiaFightsCorruption pic.twitter.com/jtoCuXFohF

— PMO India (@PMOIndia) November 8, 2016