Prime Minister Narendra Modi on Tuesday night said that Rs 500 and Rs 1000 notes will cease to be legal tender frmo midnight. Much panic has ensued with people trying to buy gold and fill up their vehicles with petrol and diesel in order to get rid of these notes before midnight. 

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Modi said, "The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society".

However, there is nothing to panic as Government has put in place ample steps to make this transition as simple and smooth as possible. 

Here are the guidelines on how you can convert your currency:

  • Deposit old notes of Rs 500 and Rs 1,000 in your bank. The bank will credit the amount in your account to its full value. Also, you can go to a post office and convert upto Rs 4000 per day into legal tender of smaller currencies like Rs 100, Rs 50, etc.  This is valid till December 30, 2016.
  • The Government has put in some restrictions on the money you can withdraw from ATMs. Till November 24, one can withdraw only Rs 10,000 per day or Rs 20,000 per week. This will be relaxed in the coming days.
  • There is no restriction on any kind of non-cash payments using cheques, demand drafts, debit or credit cards or electronic fund transfer.
  • Banks and ATMs will be shut on November 9 for recalibration. 
  • For 72 hours, Government hospitals will continue to accept old Rs 500 and Rs 1,000 notes. You can also use these currenceis at airports for 72 hours. 
  • Railway ticket booking counters, ticket counters of government buses and airline ticket counters will accept the old notes for 72 hours.
  • Some other places which will be accepting old notes of Rs 500 and Rs 1,000 include petrol, diesel and gas pumps authorised by public sector oil companies, consumer co-operative stores authorised by State or Central Government, milk booths authorised by the State governments, crematoria and burial grounds.