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Over-the-counter exchange of old Rs.500 and Rs.1000 banknotes has been stopped from today. However, the use of Rs.500 note has been extended for some specific purposes till December 15.

Government will re-introduce Rs 1,000 banknotes in a few months and also issue new series of lower denomination bills with enhanced security features.

For treasure gatherers and having black money in stock, the carpet under feet would surely be slipped as the Reserve Bank of India (RBI) has dispatched a notice urging people to return the banknotes those have been issued by the bank before 2005. The notice declaring the last date to deposit the currency would last till March 31. During this period, deposited currency could be replaced with the new ones. This healthy initiative of the supreme banking identity, i.e. RBI, would draw out black money and fake currency that is in circulation. As per directions of the central bank, this regime would begin from April 1 so that the public can be enabled to exchange the old currency.

After the surprise announcement by the government of making Rs.500 and Rs.1,000 currency notes illegal from midnight, the Reserve Bank of India (RBI) announced a 25-point detailed FAQs (frequently asked questions) clarifying the rationale behind the decision.