"However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. Currency notes of Rs 500 and Rs 1000 denominations will not be legal beginning November 92. Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof5. Currency notes of Rs 1000 and Rs 500 will be just paper with no value7. Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes

Source: Economic Times November 08, 2016 15:05 UTC