Tanvi has been a full-time personal finance journalist and now leads a multi-faceted existence as a wife & mum, and now a Certified Financial Planner and wine sommelier.

Demonetisation: The Story So Far

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The story of your new 500 & 2000 INR notes so far…

October 27

Central bank warns against fake notes on its website

Directs all banks to tighten CCTV surveillance & ensure cash receipts Rs 100 and above notes are not re-circulated without authenticated through the machine process.


November 2

Banks directed to dispense more Rs 100 notes through ATMs in the next fortnight.

November 8

PM Narendra Modi declares that Rs 500 and Rs 1,000 notes will be invalid from that midnight.

November 9

RBI announces old note exchange limit of Rs 4000

Withdrawal limit at ATMs capped at Rs 2000

Overall withdrawal cap at Rs 20,000 per week.

Fuel stations, government hospitals, chemists directed to accept old notes on transactions

All notes to be deposited by December 30

November 10

Banks reopen

November 13

RBI raises currency exchange limit to Rs 4,500

ATM withdrawal limits are raised to Rs 2,500

November 15

RBI directs banks to apply indelible ink mark on fingers of people exchanging old notes to prevent default

November 16

RBI makes it compulsory to produce PAN Card on cash deposits of over Rs 2.5 lakh.

Farmers extended relief of withdrawal limit up to Rs 25,000 a week against crop loans.

November 17

Currency exchange limit lowered to Rs2,000 because of severe currency shortage at banks.

Withdrawal of up to Rs2.5 lakh allowed from bank accounts in case of a wedding

Also, you could only exchange once now!

November 18

Cash withdrawals allowed at petrol pumps by swiping card – up to Rs 2,000 per day

November 22

To push more digital payments RBI allows prepaid wallet balance up to Rs 20,000 until December 30

November 24

No more exchanging money – only deposits!

Old Rs 500 notes could still buy you petrol and airline tickets till December 15th.

Only foreigners allowed to exchange notes up to Rs 5,000 per week

November 30

Withdrawal from Jan Dhan Account limited to Rs 10,000

December 1

Rule revision!!! Old Rs 500 notes would buy fuel and air tickets only till December 2nd instead of 15th

December 8

Old Rs 500 notes could now rescue you with rail, metro and bus tickets too until December 10th

December 13

RBI advises banks to keep recordings of the CCTV camera footage

December 19

RBI limits deposit amount of old notes into the bank at Rs 5000 – only once. Till December 30th!

December 21

Last circular recalled; not put into effect

December 30

Some reason to rejoice! Cash withdrawal limit from January 1 hiked to Rs 4500 per day per card. Weekly limit still remains Rs 24,000!

December 31

Not exchanged notes yet? Deposit it into your account – only if:

1. you were travelling between November 8 & December 30
2.you are an NRI

Disclaimer: The views and opinions expressed in this article are for informational purposes only. The authors and publishers are not responsible or liable in any manner for any actions you might take relying on the contents of this article.


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