The Prime Minister of India announced today that to curb the spread of counterfeit notes, the currency notes denominated of 500 and 1000 will be pulled off of circulation beginning November 9, 2016.
So if you are traveling to India in future or now, then this is what you must do:
- Deposit them at the bank or post office from November 10 to December 30.
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs. 4000 per transaction.
- Tourists can change the notes at airports.
This does not affect plastic money in any way, only hard cash!
So walk up to the nearest bank and make sure to exchange the Rs.500 and Rs.1000 notes in exchange for Rs.100 notes.