Demonetisation: RBI's rules and roll-backs since November 8

Prime Minister Narendra Modi shocked the country on Nov. 8 by abolishing 500 and 1,000 rupee notes, which accounted for 86% of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India`s cash economy to a virtual standstill.

The government and the Reserve Bank of India (RBI) have since taken a slew of measures to ease the pain from its measures. They are detailed below in chronological order. 

DEC 21

RBI rolls back measure on 5,000 rupees deposit limit, says deposits won`t face scrutiny

DEC 19

RBI to allow deposits of up to 5,000 rupees in old notes til Dec. 30 after scrutiny from banks

DEC 16

RBI caps merchant discount rates for some card payments from Jan. 1, 2017 to March 31, 2017

RBI waives fees for some Immediate Payment Services from Jan. 1, 2017 to March 31, 2017 

Tourists can change FX up to 5,000 rupees per week till Dec 31, from pvs deadline of Dec 15

DEC. 13

RBI advices banks to preserve CCTV recordings at branches between Nov 8 to Dec 30 

DEC. 8

Govt announces incentives on retail purchases of some products on cashless transactions

DEC 7

RBI withdraws temporary order for banks to place deposits under cash reserve ratio

DEC 2

Govt raises limit for market stabilisation bonds to 6 tln rupees to absorb extra liquidity

DEC 1

Govt says old 500 notes can no longer be used at petrol stations, airline ticket counters 

NOV 30

RBI allows banks to use all cash to meet hiked cash reserve requirement ratio

RBI tightens monthly withdrawal rules from "Jan Dhan" accounts for poor

NOV 28

Govt announces tax amnesty scheme for unreported cash; will charge 50 pct in taxes, surcharges

People would also have to park quarter of total sum in non-interest bearing deposit for 4 yrs 

RBI to allow withdrawals above 24,000 INR weekly limit of deposits made in legal tender.

Those withdrawals would be in new 2,000, 500 rupee bills

NOV 26

RBI says orders banks to place 100 pct of deposits between Sept-Nov under cash reserve ratio 

NOV 25

RBI expands basket of securities that can be accepted for collateral under money market ops

RBI says old currency notes can be exchanged at RBI branches

RBI says tourists can exchange foreign currency worth up to INR 5,000 per week till Dec 15

NOV 24

Govt stops over the counter exchange of old banknotes; can only be deposited

Govt to ensure adequate cash supply for pensioners, armed forces personnel

Allow certain payments in old 500 rupees notes including at tolls, hospitals for limited time 

NOV 23

India govt says will offer 210 bln rupees in farm credit to farmers

NOV 22

RBI sets balance kept in prepaid wallets, cards (PPIs) at 20,000 rupees from 10,000 til Dec 30

Merchants can transfer up to 50,000 rupees from PPIs to banks til Dec 30 

Monthly limits on transactions via PPIs raised to 20,000 rupees for 10,000 til Dec 30

RBI asks state-run Nabard to disburse up to 230 bln rupees for crop loans

NOV 21

RBI allows cash withdrawal of up to 250,000 rupees for wedding-related expenses 

RBI allows farmers to withdraw up to 25,000 rupees a week from their loan, deposit accounts

RBI gives small borrowers 60 more days before loans of up to 10 mln INR are marked substandard 

Govt allows farmers to purchase seeds from state-run outlets with old 500 rupee notes

NOV 18

RBI sets limit of cash withdrawal at card swiping machines at 2,000 rupees per day 

NOV 17 

Govt allows farmers to withdraw up to 25,000 rupees a week against the crop loans

Govt extends time limit for farmer to pay crop insurance premiums by 14 days

Cuts limit for over-the-counter exchange of old bills at banks to 2,000 rupees from 4,500

NOV 15

Govt says banks must use indelible ink to ensure people change cash only once

NOV 14

India extends deadline for payments in old notes including for petrol for limited time 

Govt says to instal new micro cash machines acrouss country

Govt asks banks to waive off transaction charges on debit, credit cards

Govt says to raise the cash withdrawal limit from current accounts to 50,000 rupees per week 

NOV 13 

RBI raises cap on weekly cash withdrawals from banks to 24,000 rupees from 20,000

Removes per-day withdrawal limit cap of 10,000 rupees 

Raises limit for over-the-counter exchange of old bills at banks to 4,500 rupees from 4,000

Waives ATM fees for all transactions by savings bank customers til Dec. 30

Govt increases withdrawal limits at recalibrated ATMs to 2,500 rupees/day from 2,000 rupees

NOV 11

Extends deadline for payments in old notes including for petrol for limited time

NOV 8

India abolishes 500, 1,000 rupee notes in fight against `black money`

500, 1000 rupee notes must be tendered into banks, RBI by Dec. 30

Caps exchange of old bills over-the-counter at banks at 4,000 rupees 

Caps cash withdrawals from bank accounts at 10,000 rupees per day till Nov 24

Caps cash withdrawals from bank accounts at 20,000 rupees per week till Nov 24

Caps cash withdrawals from ATMs at 2,000 rupees per day per card till Nov. 18

Caps cash withdrawals from ATMs at 4,000 rupees per day per card from Nov. 19

Allows certain payments in old notes including for petrol for limited time