Rs 4,000 a day not enough! How do I change my old currency? RBI answers

All banks would be shut for public on Wednesday. ATMs too would not function on Wednesday and in some areas even on Thursday.

There was panic at  ATMs across the country as Prime Minister Narendra Modi surprised the nation by declaring that Rs 500 and Rs 1,000 notes will not be legal tender from midnight Tuesday, in a new war on black money and terrorism.

In order to prevent people from panicing, the RBI has released FAQs on the same.

1. Why is this scheme introduced?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

2. What is this scheme?

The legal tender character of the existing bank notes in denominations of ?500 and ?1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. These Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

3. How much value will I get?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

Get full information here