India’s demonetization of Rs. 500 and Rs. 1000 notes — What it means for you

Learn why it being done, how it affects you, and what you should do next, in a simple Q&A format.

“These notes are just paper from tomorrow” — Prime Minister Narendra Modi

What’s all this buzz about? What is going on?

Why is the government doing this?

Rs. 65,250 crore worth of black money was declared before September 30, 2016

So Rs. 500 and Rs. 1000 notes will not be accepted from Nov 9, 2016?

  • Government hospitals and pharmacies, only for medical expenses
  • Railway ticketing counters, Government bus ticketing counters and airline ticketing counters, only for purchase of tickets
  • Petrol, diesel and CNG gas stations, authorized by public sector oil companies
  • Consumer cooperative stores and milk booths authorized by state or central governments
Invalidated notes will accepted at railway ticket counters for 72 hours

What do I do with the Rs. 500 and Rs. 1000 notes I have? Should I just burn them?

What about notes and coins of other denominations?

Anything else I need to know?

  • For the first few days, withdrawals from ATMs will be restricted to Rs. 2000 per day, due to limited supply of notes of newer denominations.
Prepare for long queues at ATMs for the first few weeks

Watch Prime Minister Narendra Modi’s address to the nation to learn more:

Founder, Jovian

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